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Category: CTF

  • MIL-OSI USA: Treasury Secretary Bessent Defends Tax Breaks for those who Invest in China

    Source: United States House of Representatives – Congressman Brad Sherman (D-CA)

    WASHINGTON, D.C. – Our tax system allows for lower tax rates for capital gains on stocks to incentivize Americans to make investments that grow our economy. Yet, Americans who invest in companies abroad and build the economies of other nations – even in adversarial nations such as China – are still able to receive this preferential tax treatment. Meanwhile, China provides preferential tax treatment to investments in China, but not those made in the United States. 

    At a recent hearing with Treasury Secretary Scott Bessent, I asked him a few simple questions: Can you think of a reason why the American tax code should provide enormous tax benefits like the capital gains allowance to Americans who invest in Chinese stocks? Don’t we prefer American capital to be invested in America?

    To which he replied that while he would never bet against America, those that do, can and should be able to receive tax benefits.

    In January, President Trump signed an executive order calling for an America First Trade Policy, but apparently that means America First so long as those who send our capital to China get massive tax breaks.

    “The American people deserve a tax code that puts our workers, our industries, and our national interest ahead of foreign profits,” said Congressman Brad Sherman. “If the Trump Administration is serious about an “America First” agenda, it should start by ending tax breaks for those who ship capital—and opportunity—to China.”

    Rewarding U.S. investors who invest in Chinese companies that may compete with or even threaten U.S. industries is not strategic. It’s not pro-worker. And it’s certainly not America First.

    Last Congress, I introduced the bipartisan No Capital Gains Allowance for American Adversaries Act, which would eliminate the capital gains tax break for investments in companies based in China, Russia, Belarus, Iran, and North Korea. It would also eliminate a related tax break, the “step-up in basis” at death, for investments in such companies, and would direct the SEC to require disclosure that no tax breaks are available for these stocks. I plan to re-introduce this bill this Congress.

    Watch my exchange – Here.

     

    See a partial transcript – Here. 

     

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    MIL OSI USA News –

  • MIL-OSI USA: Four Bilirakis Proposals Advance As Part of Reconciliation Package

    Source: United States House of Representatives – Representative Gus Bilirakis (FL-12)

    Washington, DC:  Today, the House Energy & Commerce Committee advanced a broad reconciliation bill that implements fiscally-sound policies to end wasteful spending on Green New Deal-style projects, support the rapid innovation and modernization of American Commerce, and protect Medicaid for vulnerable Americans for generations to come by cutting waste, fraud, and abuse.  One of the provisions included in the package, the LIVE Beneficiaries Act, authored by Representative Bilirakis, will help strengthen funding for the Medicaid program and its beneficiaries. This provision requires states to quarterly certify that those enrolled in Medicaid are still living.  Bilirakis filed his bill in response to a recent independent audit of just 14 states in one year that documented $249 million in payments to providers on behalf of deceased individuals.  The reconciliation package also prohibits beneficiaries from being enrolled in Medicaid in multiple states at the same time and prohibits those individuals who are here illegally from participating in Medicaid.  

    “I’m proud of the common-sense approach we’ve put forth to achieve significant savings while preserving benefits and access to care for our most vulnerable individuals,” said Congressman Bilirakis.  “We have a responsibility to ensure taxpayer dollars are used wisely and that includes protecting access to healthcare for low-income children, seniors, pregnant women, and those with disabilities. Despite the fear-mongering rhetoric from my colleagues on the other side of the aisle throughout the hearing – these critical populations will not see any change to their healthcare under our bill.  Instead, we will disallow duplicative reimbursement, payments for deceased individuals, and coverage for illegal aliens. In doing so – we will strengthen and preserve Medicaid for generations to come while helping to restore fiscal responsibility.  

    Congressman Bilirakis, who is the Chairman of the Commerce, Manufacturing and Technology Subcommittee in the House, also spearheaded a measure included in the package that would implement a 10-year moratorium on state and local regulation of AI models.  This moratorium will prevent the failures we have seen from the state-based regulatory morass on internet privacy from infecting the budding AI marketplace led by the United States.

    “Harnessing the potential of AI is not just an opportunity for the United States, it’s an absolute necessity to secure economic leadership, strengthen national security, and ensure that American values shape the future of this transformative technology,” said Chairman Bilirakis.  “We must prevent a fragmented patchwork of rules from each state that could stifle innovation, confuse compliance, and undermine the creation of effective, nationwide standards that protect both progress and the public.  The moratorium included in this package enables us to achieve that goal.”  

    As Co-Chair of the Rare Disease Caucus, Congressman Bilirakis has worked tirelessly for many years to support rare disease patients and families by streamlining FDA processes and encouraging the development of treatments and cures for smaller patient populations.  Two measures co-authored by Bilirakis to help rare disease patients were also included in the reconciliation package that passed out of Committee today.  Children with complex medical needs may not have the specialized care they need within their home state. In these instances, parents must work with health care providers and state Medicaid officials to find out-of-state care. The process is difficult and complex, often delaying children and their families from receiving the care they desperately need – and in some cases blocking access to care all together. The Accelerating Kids’ Access to Care Act addresses this concern by allowing states to streamline the process for out-of-state pediatric care providers to enroll in another state’s Medicaid program, while also safeguarding important program integrity processes. The legislation enables smooth coordination across state lines by clarifying the process by which state Medicaid programs can cover this care regardless of where the child lives and where their care is received.  The Orphan CURES Act is a bipartisan measure that would accelerate the development of new life-saving cures and provide hope to millions of Americans affected by rare diseases. Under current federal law, a drug or treatment that receives approval from the U.S. Food and Drug Administration (FDA) to exclusively treat one rare disease – commonly known as an “orphan drug” – is eligible for certain incentives, including an exemption from Medicare’s drug negotiation program.  Unfortunately, those same incentives do not exist if an orphan drug receives FDA approval to treat two or more rare diseases.  The result is a disincentive for American innovators to invest in the expensive and time-intensive research necessary to determine if an orphan drug could cure or treat additional rare diseases. The ORPHAN Cures Act would remedy these harmful, unintended consequences by honoring the intent of the Orphan Drug Act of 1983 and restoring proven, time-tested incentives to encourage the discovery of new cures for the narrow patient populations affected by rare diseases.

    “Including these two critical provisions in the reconciliation package is a huge win for the rare disease community,”  said Congressman Gus Bilirakis who serves as Co-Chair of the Rare Disease Caucus.  “My colleagues and I will continue to work toward advancing the development of treatments and cures for rare disease patients and removing regulatory barriers that prevent patients from accessing care.”

    MIL OSI USA News –

  • MIL-OSI USA: Regulation S-P – Back to the Future

    Source: Securities and Exchange Commission

    1. Introduction

    Good afternoon, I’m pleased to join you today to discuss, the importance of, and the financial sector’s role in, information security and the protection of investors’ nonpublic personal information. Specifically, I am here to lay out the Division of Examinations approach to operationalizing the Commission’s recently adopted enhancements to Regulation S-P.

    But before I begin, I must share the official statement that:

    *This speech is provided in my official capacity as the Commission’s Acting Director of the Division of Examinations, but does not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.

    1. Background

    The Commission, and the Division of Examinations, has been focused on ensuring the security of customer information for over two decades. In 2000, acting under the authority of the Gramm-Leach-Bliley Act, the Commission adopted Regulation S-P[i] to help safeguard such information. The standards established by Regulation S-P require, among other things, covered institutions to (i) insure the security and confidentiality of customer records and information; (ii) protect against any anticipated threats or hazards to the security or integrity of customer records and information; and (iii) protect against unauthorized access to or use of customer records or information that could result in substantial harm or inconvenience to any customer.[ii]

    Since its adoption in 2000, the Division of Examinations—and its predecessor, the Office of Compliance Inspections and Examinations (OCIE) has examined registrants for compliance with the requirements of Regulation S-P. We have also been incredibly active in our efforts to promote awareness and strengthen compliance across the broader field of information technology controls, especially through our industry outreach and engagement, including issuing over a dozen risk alerts on information security topics, stretching back over a decade.[iii]

    But the threat landscape has significantly changed in the last 25 years. In 2000, the vast majority of mobile phones were cellular phones, like the Nokia “brick” phone or flip phone. Today, about nine-in-ten U.S. adults own a smart phone. In 2000, you generally initiated a stock trade by either calling your broker or through the internet using a dial-up modem. Today, over 100 million people use investment apps. This includes 78% of investors aged 18-34.[iv] In 2000, cyberattacks were just starting to become a growing threat in the U.S. Today, Microsoft reports that its customers face 600 million cyberattacks on a daily basis.[v] The FBI reported in 2023 that its Internet Crime Complaint Center received over 880,000 complaints with potential losses exceeding $12.5 billion.[vi]

    The advancement in technology and the increased threat landscape faced by retail investors highlights the need for the regulatory community to adapt to the changing environment. Although the trend toward digitization has increasingly turned the problem of safeguarding customer records and information into one of cybersecurity, this is not to say that this is exclusively a problem of cybersecurity.

    1. Amendments to Regulation S-P

    In response, last year the Commission completed a rulemaking process that revised and enhanced Regulation S-P. These amendments expanded the applicability of Regulation S-P to cover additional financial institutions, modernized the rules relating to safeguards and disposal of customer information, and helped ensure customers of covered institutions receive timely and consistent notifications in the event of unauthorized access to or use of their information.[vii]

    1. Key Enhancements to Regulation S-P

    There isn’t enough time today to cover all of the new enhancements and amendments, so I encourage everyone to review Regulation S-P in its entirety. You can access the amendments on the SEC’s website, along with several helpful fact sheets and summaries you may find useful.[viii] I wanted to highlight three of the enhancements that firms will need to assess and adopt: an incident response program, a new customer notification requirement, and requirements relating to third-party service providers.

    1. Incident Response Program

    One of the key amendments to Reg SP concerns covered institutions’ incident response programs in their written policies and procedures under the Safeguards Rule.[ix] The program must be reasonably designed to detect, respond to, and recover from unauthorized access to, or use of, customer information.[x] It must include procedures to assess the nature and scope of any incident and require appropriate steps to contain and control incidents to prevent further unauthorized access or use.[xi]

    1. Customer Notification Requirement

    The enhancements also require covered institutions to notify affected individuals whose sensitive customer information was, or is reasonably likely to have been, accessed or used without authorization.[xii] The rules also require, with limited exception, that firms notify customers as soon as practicable (but no later than 30 days), after the covered institution becomes aware that unauthorized access to, or use of, customer information has occurred (or is reasonably likely to have occurred).[xiii]

    1. Third-Party Service Providers

    The amendments to the Safeguards Rule also include new provisions that address the use of third-party service providers by covered institutions. Covered institutions will now be required to establish, maintain, and enforce written policies and procedures reasonably designed to require oversight, including through due diligence and monitoring of service providers, to ensure that affected individuals receive any required notices. In essence, this means that while covered institutions may outsource their operations, they may not outsource their ultimate obligation to comply with Regulation S-P.

    1. Examinations Engagement and Outreach

    So, what does all of this mean for the work of the Division of Examinations? As I mentioned, the SEC has focused on compliance risks relating to securing information technology for many years, with particular attention to market systems, customer data protection, disclosure of material cybersecurity risks and incidents, and compliance with legal and regulatory obligations under the federal securities laws.[xiv] We recognize that any regulatory adjustment can create a risk of implementation challenges and costs associated with compliance. Under the Division’s Pillar of promoting compliance, we want to take this opportunity to clearly articulate our approach to achieving our shared goal of improved information security through the implementation of the updated Regulation S-P.

    In the coming months, staff in the Division of Examinations, in coordination with staff from the Divisions of Investment Management and Trading and Markets, will host a series of three tailored outreach events to help promote readiness and assist firms in their preparedness to implement these new amendments to Regulation S-P. Among other topics, we will cover basics about what to expect when interacting with an exam team during an examination where Regulation S-P is in scope, as well as having a broader discussion about our approach. Led by our tremendously talented staff in the Technology Controls Program, including technologists, industry experts, former CISOs, intelligence analysts, specialized contractors, attorneys, and examiners, these outreach events are designed to assist registrants in preparing for their respective compliance dates. We will publish additional details about these events in the near future, but I look forward to having Division staff share their expertise and engage in rich discussions with our registrants.

    As the two compliance dates contained in the amendments approach, registrants should not be surprised if examiners inquire about their preparations to ensure compliance following the compliance date. These inquiries are not directed at citing registrants for potential non-compliance with requirements that are not yet in effect but are intended to inform the Commission of where registrants are in the process of implementation. Similar to our approach before the transition to the T+1 settlement cycle, the Division will conduct examinations to assist the Commission in understanding the level of readiness across the sector before the compliance dates. To the extent the staff identifies trends or risks relevant across the sector or within a specific registrant population, the Division could communicate these anonymized observations through a Risk Alert or some other publication to assist registrants in coming into compliance by their respective compliance dates.

    Obviously, once the compliance date passes, the updated Regulation S-P could potentially be included as part of an examination for any registrant subject to its provisions, so we all have an interest in giving registrants every opportunity to be prepared. I understand there have been requests made to the Commission to extend the relevant compliance dates for the rule amendments.[xv] Should the Commission choose to extend the compliance date, the Division will adjust our timeline, as necessary, but our approach to promoting compliance with the new requirements will remain the same. With the Commission’s clear statement of the importance of this issue, registrants shouldn’t be surprised if Regulation S-P is the subject of a thematic initiative in the coming fiscal years. Certainly, throughout this process we will be working closely with our colleagues here at FINRA and with our registrants to encourage compliance.

    ***

    1. Conclusion

    I want to thank our host FINRA and everyone here this afternoon for your time, attention, and interest in strengthening compliance and investor protection. I appreciate your commitment to safeguarding and protecting customers’ nonpublic personal information, as strong controls and safeguards benefit not only customers and investors, but also our financial institutions and markets generally.

    * This speech is provided in the author’s official capacity as the Commission’s Acting Director of the Division of Examinations, but does not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.

    [iii] See Observations from Broker-Dealer and Investment Adviser Compliance Examinations Related to Prevention of Identity Theft Under Regulation S-ID (Dec. 5, 2022), available at https://www.sec.gov/files/risk-alert-reg-s-id-120522.pdf ; see also Cybersecurity: Safeguarding Client Accounts Against Credential Compromise (Sept. 15, 2020) available at https://www.sec.gov/files/Risk%20Alert%20-%20Credential%20Compromise.pdf ; see also Cybersecurity: Ransomware Alert (July 10, 2020), available at https://www.sec.gov/files/Risk%20Alert%20-%20Ransomware.pdf ; see also Cybersecurity and Resiliency Observations (Jan. 27, 2020) available at https://www.sec.gov/files/OCIE%20Cybersecurity%20and%20Resiliency%20Observations.pdf ;see also Safeguarding Customer Records and Information in Network Storage – Use of Third Party Security Features (May 23, 2019), available at https://www.sec.gov/files/OCIE%20Risk%20Alert%20-%20Network%20Storage.pdf ; see also Investment Adviser and Broker-Dealer Compliance Issues Related to Regulation S-P – Privacy Notices and Safeguard Policies (April 16, 2019), available at: https://www.sec.gov/files/OCIE%20Risk%20Alert%20-%20Regulation%20S-P.pdf; see also Observations from Investment Adviser Examinations Relating to Electronic Messaging (Dec. 14, 2018) available at https://www.sec.gov/files/OCIE%20Risk%20Alert%20-%20Electronic%20Messaging.pdf ; see also Observations from Cybersecurity Examinations (Aug. 7, 2017) available at https://www.sec.gov/files/observations-from-cybersecurity-examinations.pdf ; see also OCIE 2015 Cybersecurity Initiative (Sept. 15, 2015) available at https://www.sec.gov/ocie/announcement/ocie-2015-cybersecurity-examination-initiative.pdf ; see also Cybersecurity Examination Sweep Summary (Feb. 3, 2015) available at https://www.sec.gov/about/offices/ocie/cybersecurity-examination-sweep-summary.pdf; see also OCIE Cybersecurity Initiative (Apr. 15, 2014) available at https://www.sec.gov/ocie/announcement/Cybersecurity-Risk-Alert–Appendix—4.15.14.pdf; see also Investment Adviser Use of Social Media (Jan. 4, 2012) available at https://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf.

    [ix] Regulation S-P Fact Sheet.

    MIL OSI USA News –

  • MIL-OSI USA: In Response to Questioning from Klobuchar, FAA Provides Details of Near Miss Episode Involving Flight Headed to Minneapolis

    US Senate News:

    Source: United States Senator for Minnesota Amy Klobuchar
    WASHINGTON— During a Commerce Committee hearing today focused on aviation safety, U.S. Senator Amy Klobuchar asked the FAA Air Traffic Organization’s Deputy Chief Operating Officer, Franklin McIntosh, for an explanation of the near-miss incident involving a March 28th Minneapolis bound flight that departed from Reagan National Airport. 
    That day, a passenger flight departing Reagan National Airport for Minneapolis nearly collided with military aircraft flying “about 500 feet below” the commercial passenger jet. Directly following the incident, Klobuchar spoke with a Department of Defense official and was informed there would be an immediate Federal Aviation Administration investigation.
    In response to Klobuchar’s questions at today’s hearing, Mr. McIntosh explained that the incident resulted from a miscommunication of when the military flyover would occur, resulting in an additional aircraft being cleared for take-off instead of being held on the ground. McIntosh said that the FAA has since improved procedures to prevent future incidents.
    A rough transcript of the exchange is available below and a video can be downloaded here. 
    Senator Klobuchar: So we have been rightfully focused on the tragedy, the loss of life with the American Airlines Flight, but has been pointed out by my colleagues so many problems at Newark. And as I go into the summer season, it’s hard to believe that they won’t get worse, and then just across the country. There was one incident, a near miss recently. It was on March 28 between a Delta flight and a military aircraft shortly after the tragedy, actually, where the military flight was just 500 feet below the Delta flight. And the Delta pilot said, is this, I’m paraphrasing, but it was picked up from air traffic control. “Is there actually a flight 500 feet below us?” That flight was headed to Minneapolis, contained a bunch of Minnesotans, families, one of my staff members went on that flight. And I had asked and was, I appreciated that the DOT got back to me, close after it, but I’m still waiting for a final answer about what happened. Do you know? Could any of you give me a timeline on that?
    Mr. McIntosh: Yes, ma’am. I believe, I believe I can. What occurred was the military flight was doing a national flyover over Arlington, and it was opposite direction to departure traffic at DCA. Potomac TRACON, which is the radar approach control that feeds all the aircraft into DCA, was working the military flight, and there was a communication exchange between the supervisor at Potomac and the supervisor at DCA. And what I mean is, the Potomac supervisor coordinated with DCA to stop departures at a certain time, and that that stop time is, you stop departures and let the flyover proceed. You sterilize the airspace, essentially, to keep traffic safe. The controller or the CIC that was a DCA misunderstood the time, or misunderstood the verbiage on what that stop time was, so they let one more aircraft go, versus holding an aircraft on the ground. In reviewing that, we said we have to clean up the phraseology and how we give times to ensure that we know exactly which aircraft we’re going to stop and keep that kind of incident from occurring. So what we did, we put both of those facilities together, along with the management team to ensure that we had a better process in place to keep that from happening again. So that was, unfortunately, an event that happened, but we improved the procedures to keep something like that from happening again, Ma’am.
     

    MIL OSI USA News –

  • MIL-OSI USA: As Historic Measles Outbreak Worsens, Murphy Blasts RFK Jr. On Vaccine Lies

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy
    [embedded content]
    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Health, Education, Labor, and Pensions Committee, on Wednesday questioned U.S. Secretary of Health and Human Services Robert F. Kennedy Jr. on President Trump’s Fiscal Year 2026 skinny budget request for the U.S. Department of Health and Human Services. Murphy pressed Kennedy on broken promises made during his confirmation hearing and accused him of misleading the Committee and the public about his support for vaccines, especially for the measles vaccine.
    “I want to talk to you about the statements that you made to the Chairman of this committee and to members of this committee during your confirmation hearing about vaccines,” said Murphy. “You did not tell the truth. I find that to be really dangerous for our relationship. If I were the Chairman, who believes in vaccines and voted for you because he believed what you said about supporting vaccines, my head would be exploding. In the hearing, you told us ‘I will not work to impound, divert, or otherwise reduce any funding appropriated by Congress for the purpose of vaccination programs.’ That is not the truth. You have canceled $12 billion in public health grants to states. Whether you know this or not, that funding is used by the states in part to be able to administer and dispense information about vaccines.”
    Murphy called out Kennedy for putting public health at risk by lying to Congress during his nomination hearing and spreading misinformation that undermines trust in vaccines: “You also promised Chairman Cassidy that the FDA would not change vaccine standards from ‘historical norms.’ But what happened as soon as you were sworn in? You announced new standards for vaccine approvals that you proudly referred to in your own press release as a radical departure from current practice. And experts say that that departure will delay approvals. You also said, specific to the measles vaccine, that you support the measles vaccine, but you have consistently been undermining the measles vaccine. You told the public that the vaccine wanes very quickly. You went on the Dr. Phil show and said the measles vaccine was never fully tested for safety. You said there was fetal debris in the measles vaccine.”
    “Just this morning, in front of the House of Representatives, you also said that you in fact would not recommend that kids get vaccinated for measles,” Murphy continued. “You said you would just lay out the pros and cons. This is the summation of everything that you have said to compromise people’s faith in the measles vaccine in particular. It is contrary to what you said before this committee. You said you support the measles vaccine, but then you have laid out a set of facts that are contested, and I will submit information for the record from experts who contest what you have said about the vaccine. And the result is to undermine faith in the vaccines. Kind of like saying ‘Listen, I think you should swim in that lake, but, you know, the lake is probably toxic, and there are probably a ton of snakes and alligators in that lake, but I think you should swim in it.’ Nobody is going to swim in that lake, if that’s what you say. And so I want you to acknowledge that when you say you support the measles vaccine and then go out and repeatedly undermine the vaccine with information that is contested by public health experts, that is not supporting the vaccine.”
    After Kennedy refused to say he supports the measles vaccine, Murphy concluded: “I think you’re answering the question, and that’s really dangerous for the American public and for families in this country. The Secretary of Health and Human Services is no longer recommending the measles vaccine.”
    As of early May, the Centers for Disease Control and Prevention have confirmed over 1,000 measles cases across the country, making this the single largest measles outbreak in the 21st century. Those cases have led to 126 hospitalizations and three deaths.
    A full transcript of Murphy’s exchange with RFK Jr. can be found below:
    MURPHY: “Thank you very much, Madame Chair. Secretary Kennedy, I want to talk to you about your relationship with this committee and this Congress. I want to talk to you about the statements that you made to the Chairman of this committee and to members of this committee during your confirmation hearing about vaccines. You did not tell the truth. I find that to be really dangerous for our relationship. If I were the Chairman, who believes in vaccines and voted for you because he believed what you said about supporting vaccines, my head would be exploding.
    “In the hearing, you told us ‘I will not work to impound, divert, or otherwise reduce any funding appropriated by Congress for the purpose of vaccination programs.’ That is not the truth. Let me finish my question.”
    KENNEDY: “I didn’t hear what you said. I’m just asking you to repeat it so I can understand your question.”
    MURPHY: “I’ll repeat it. During the hearing you said to this committee, and to the Finance Committee, ‘I will not work to impound, divert, or otherwise reduce funding appropriated by Congress for the purpose of vaccination programs.’ That is not what happened. You have done the opposite. You canceled $12 billion in grants to the states, including my state, that are used to administer and track vaccines. You promised Chairman Cassidy– ”
    KENNEDY: “When did I do that?”
    MURPHY: “Madam Chair, would you allow me to finish my question?”
    MURKOWSKI: “Keep going with your question.”
    KENNEDY: “When did I do that?”
    MURPHY: “Let me finish my question.”
    KENNEDY: “You’re making these accusations, just tell me when I did it so I can understand what the question is.”
    MURPHY: “You have canceled $12 billion in public health grants to states. Whether you know this or not, that funding is used by the states in part to be able to administer and dispense information about vaccines. Mr. Secretary, let me give you the full panoply of things you said before this Committee that didn’t turn out to be true. You also promised Chairman Cassidy that the FDA would not change vaccine standards from ‘historical norms.’ But what happened as soon as you were sworn in? You announced new standards for vaccine approvals that you proudly referred to in your own press release as a radical departure from current practice. And experts say that that departure will delay approvals. You also said, specific to the measles vaccine, that you support the measles vaccine, but you have consistently been undermining the measles vaccine. You told the public that the vaccine wanes very quickly. You went on the Dr. Phil show and said the measles vaccine was never fully tested for safety. You said there was fetal debris in the measles vaccine. And this morning–”
    KENNEDY: “All true! All true. Do you want me to lie to the public?”
    MURPHY: “None of that is true.”
    KENNEDY: “Of course it’s true. Of course it’s true, Senator. Senator, begging your pardon, but you do not know what you are talking about.”
    MURKOWSKI: Let’s have a little bit of order so that you can get your question and that he can get his answer.
    MURPHY: “I didn’t ask for a response yet. I’d like to lay out the predicate of my question before I’m interrupted by the witness. He should have some respect for this Committee.”
    MURKOWSKI: “Go ahead.”
    MURPHY: “Just this morning, in front of the House of Representatives, you also said that you in fact would not recommend that kids get vaccinated for measles. You said you would just lay out the pros and cons. This is the summation of everything that you have said to compromise people’s faith in the measles vaccine in particular. It is contrary to what you said before this committee. You said you support the measles vaccine, but then you have laid out a set of facts that are contested, and I will submit information for the record from experts who contest what you have said about the vaccine. And the result is to undermine faith in the vaccines. Kind of like saying ‘Listen, I think you should swim in that lake, but, you know, the lake is probably toxic, and there are probably a ton of snakes and alligators in that lake, but I think you should swim in it.’ Nobody is going to swim in that lake, if that’s what you say. And so I want you to acknowledge that when you say you support the measles vaccine and then go out and repeatedly undermine the vaccine with information that is contested by public health experts, that is not supporting the vaccine. 
    “And so I guess I have two simple questions for you. One is, can you clarify what you said in the House this morning? Are you or are you not recommending that families get their children vaccinated? Or are you just giving people the pros and cons? And do you understand that when you say these things about the measles vaccine, what ends up happening is less people get the vaccine. That may be what you want, but do you understand that the result of constantly questioning the efficacy or safety of the vaccine results in less people getting the vaccine? I don’t necessarily want to spend the remaining 20 seconds in an argument over the science. But do you at least understand that that is the consequence of what you are saying? And are you actually still recommending people get the vaccine or are you not?”
    KENNEDY: “Senator, if I advise you to swim in a lake that I knew there to be alligators in, wouldn’t you want me to tell you there were alligators in it?”
    MURPHY: “So are you recommending the measles vaccine or not?”
    KENNEDY: “What I have said, and what I said in–”
    MURPHY: “It doesn’t sound like you are, if that’s–”
    KENNEDY: “Are you going to let me answer, or are you going to keep interrupting me?”
    MURPHY: “Are you, or are you not?”
    KENNEDY: “Are you going to let me answer? What I pledged before this committee during my confirmation is that I would tell the truth, and that I would have radical transparency. I’m going to tell the truth about everything we know and we don’t know about vaccines.”
    MURPHY: “Are you recommending the measles vaccine or not?”
    KENNEDY: “I am not going to just tell people everything is safe and effective if I know that there’s issues. I need to respect people’s intelligence.”
    MURPHY: “I think you’re answering the question. I think you’re answering the question, and that’s really dangerous for the American public and for families in this country.”
    KENNEDY: “The reason people have lost faith in this program is because they’ve been lied to by public officials for year after year after year.”
    MURPHY: “The Secretary of Health and Human Services is no longer recommending the measles vaccine.”

    MIL OSI USA News –

  • MIL-OSI USA: Senate Passes Tuberville-backed Resolution for National Police Week

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    Resolution recognizes sacrifice of Alabama’s Jesse Cooper, Timothy W. Johns, Jermyius Young, and John R. McCrary
    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined 81 Senate colleagues in introducing a resolution to designate May 11-17, 2025, as National Police Week. The resolution also honors 234 fallen officers, including four from Alabama: Jesse Cooper of Jefferson County Sheriff’s Office, Timothy W. Johns of Tuscaloosa County Sheriff’s Office, Jermyius Young of Montgomery County Sheriff’s Office, and John R. McCrary of Lauderdale County Sheriff’s Office and Rogersville Police Office. 
    “Every day, our law enforcement officers put on their uniforms and leave their homes not knowing if they’ll return,” said Senator Tuberville. “Sadly, some of them have made the ultimate sacrifice to keep our communities safe. This resolution is just a small token of our appreciation for all our brave police officers. I will continue to back the men and women in blue and champion pro-police policies here in the Senate.”
    Full text of the resolution can be found here.
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville Joins Colleagues in Effort to Protect Americans Against Chinese-Infiltrated Equipment

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Tom Cotton (R-AR) and other members of Congress in sending a letter to Secretary of Commerce Howard Lutnick urging the department to prohibit TP-Link equipment sales. This state-sponsored networking equipment company has deep ties to the Chinese Communist Party and poses a clear present danger to American national security.
    “TP-Link’s pricing practices have triggered a Department of Justice criminal antitrust probe. TP-Link’s predatory pricing, coupled with its circumvention of tariffs, imminently threatens U.S. competition in a market critical to our national security. TP-Link has rapidly captured nearly 60 percent of the U.S. retail router and Wi-Fi system market while expanding the CCP’s cyber arsenal. The CCP uses SOHO equipment for ongoing espionage and targeting of critical infrastructure to pre-position itself for destructive attacks on Americans and communication channels with our allies,” wrote the members of Congress. 
    Joining Sens. Tuberville and Cotton are U.S. Sens. John Barrasso (R-WY), Ted Budd (R-NC), Bill Cassidy (R-LA), Josh Hawley (R-MO), Jim Justice (R-WV), Cynthia Lummis (R-WY), Bernie Moreno (R-OH), Pete Ricketts (R-NE), Jim Risch (R-ID), Eric Schmitt (R-MO), and Rick Scott (R-FL). Four U.S. Representatives also joined the letter.
    Full text of the letter can be read below or here. 
    “Dear Secretary Lutnick,
    We write in support of the Commerce Department’s investigation of TP-Link, a state-sponsored networking equipment company, and urge you to take swift action to prohibit further sales of TP-Link networking products in the United States. TP-Link’s deep ties to the Chinese Communist Party (CCP), use of predatory pricing to eliminate trusted U.S. alternatives, and role in embedding foreign surveillance and destructive capabilities into our networks render it a clear and present danger.
    Chinese state actors have exploited TP-Link small and home office (SOHO) networking devices — including Wi-Fi routers, cellular gateways, and mobile hotspots — to wage cyber-attacks in the United States.CCP agents commonly exploit SOHO routers because those systems have ideal bandwidth and computing power for sustained cyber activities but lack additional layers of security common in enterprise networks. TP-Link is also subject to China’s National Security Law, giving the CCP access to U.S. systems before American authorities know a vulnerability exists. In fact, TP-Link is the only router company that refuses to engage in industry efforts to remediate Chinese state-sponsored botnets. 
    TP-Link’s pricing practices have triggered a Department of Justice criminal antitrust probe. TP-Link’s predatory pricing, coupled with its circumvention of tariffs, imminently threatens U.S. competition in a market critical to our national security. TP-Link has rapidly captured nearly 60 percent of the U.S. retail router and Wi-Fi system market while expanding the CCP’s cyber arsenal. The CCP uses SOHO equipment for ongoing espionage and targeting of critical infrastructure to pre-position itself for destructive attacks on Americans and communication channels with our allies.  
    For these reasons, Commerce should immediately prohibit future sales of TP-Link SOHO networking equipment in the United States. Each day we fail to act, the CCP wins while American competitors suffer, and American security remains at risk.
    We thank you for your ongoing work to secure and safeguard America’s Information and Communications Technology and Services supply chain. This work is critical to our national security, and we commend President Trump’s Executive Order 13873 to allow the Commerce Department to prohibit transactions in our country that pose unacceptable risk to American national security.     
    Sincerely,”
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville Receives an Update on Guam and the Status of Golden Dome

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – Yesterday, U.S. Senator Tommy Tuberville (R-AL) spoke with LTG. Robert Rasch, Executive Officer of the Guam Defense System Joint Program Office, and LTG. Heath Collins, Director of the Missile Defense Agency during a hearing for the Senate Armed Services Subcommittee on Strategic Forces. During the hearing, Sen. Tuberville received an update about the United States’ missile defense capabilities on Guam and how the Missile Defense Agency (MDA) is continuing to develop Golden Dome.
    Read Sen. Tuberville’s remarks below or watch on YouTube or Rumble.

    ON GUAM UPDATES:
    TUBERVILLE: “[…] General, how are we doing on Guam? We get the Aegis System started about what three years ago, maybe a little less. How are you doing? Getting better?”
    RASCH: “Senator, getting better. Lots of teamwork across the services and with Missile Defense Agency. And my hat goes off to General Collins and his team who really led the Department of Defense in early implementation [in] all the legwork for laying the ground efforts for the military construction that will occur there. […] MDA demonstrated this last year early Aegis Guam capability with a flight test that was executed there very successfully. That work was really the starting point. That equipment has stayed on-site. It offers a credible deterrence against potential adversaries while the Army then does its planning to come in the [20]27 time frame with the next, what we call, tranche one of capability for Guam. It is a lot of consensus building. It is a lot of teamwork across the Department of Defense. This is the homeland. So, in in several ways, we’re learning a lot of lessons that we believe can also apply to the Golden Dome team as they continue that mission set. But [I am] very optimistic that the Army is going to meet its mission that will have a credible capability on [the] island in the time frame we lay out.”
    TUBERVILLE: “Have we decided who is going to operate it?”
    RASCH: “Well, that decision, as we build out the overall command and control capability, the C2 for the defense of Guam would typically fall to the Air Force to conduct that overall coordination. But it will be manned jointly as we have both Navy systems, Air Force systems, [and] Army systems on the ground. We’ll have, you know, servicemen and women from all of those services operating it typically under an Air Force leadership who will then report to the Combatant Commander on the plane.”
    TUBERVILLE: “Does that includes Reserve[s or the] National Guard?”
    RASCH: “Sir, it absolutely can. And we’ve—even with the small footprint the Army has had on [the] island today with the Task Force Talon—which is the THAAD battery, we’ve relied heavily on the Guam National Guard who provides a security force for that unit that’s operating away from a typical Army base. A great job of those soldiers, supporting that mission truly defending the homeland. And within the Army, there’s talk about potentially expanding that mission set for the guard members on Guam. [This is] still under discussion, so I can’t get ahead of those decisions as they play out. But I believe all things are on the table at this point.”
    TUBERVILLE: “Thank you. I know it’s a long process, […] long process. I mean, how many years do you think we’ve got left [to be] fully operational?”
    RASCH: “Senator, I believe we will be improving this capability forever, and defense never rests because offensive threat never rests. So, we will continually evolve. The point of our effort is to try to get as much capability as soon as possible. And capability isn’t just a thing. It’s not just, you know, a launcher. It’s not just a radar. It’s not even just a command and control. It’s soldiers, you know, airmen, you know, all the folks actually manned this equipment, ensuring they’re properly trained. It’s ensuring that we have the proper sustainment tail on [the] island to support it, that we can sustain it not just for a day, but for years in time. So, we’ll be at this for a while.”
    TUBERVILLE: “I defended a different offense every week, if you’re a football coach. You gotta change, don’t you?”
    RASCH: “Absolutely, Senator.”
    ON MDA DEVELOPMENTS:
    TUBERVILLE: “Thank you.
    General Collins, thank you for the footprint you have in my state of Alabama [at] Redstone Arsenal. We’re proud of all the work you’re doing. How much of MDA’s effort and investment in Golden Dome do you expect to take place in Huntsville? And do you expect to request any additional resources for maintenance or buildings or anything like that in the future?”
    COLLINS: “Well, Sir, [the] Missile Defense Agency is really proud of being part of the Tennessee Valley at Redstone Arsenal. Certainly, a large contingent of our workforce is at Redstone Arsenal. And as well as many of our industry partners are in that area as well. And so, I can’t give you an exact percentage, but certainly the engineers, the program managers, the contracting officers, the entire workforce of Missile Defense Agency and the associated industry members are gonna be very busy and very devoted to making any of the parts of Golden Dome real.”
    TUBERVILLE: “You’re building things right now too, right? You’ve got things under construction—I think the last time I was there.”
    COLLINS: “Yes, Sir. We’re doing them. We’re in the middle of a ground test facility infrastructure update, which is a fairly large renovation and construction project that’s going on. And that’s going on right now to help get us ready for the ground test infrastructure we need to support next gen[eration] missile defense. And as we start digesting and dissolving the Golden Dome requirements, there may be additional requirements that we need to make sure we’re ready to go.”
    ON THE ROLE SPACE PLAYS IN GOLDEN DOME:
    TUBERVILLE: “I got one more question. If we got time here. General Collins, I wanna ask you about our space sensors, which is [an] absolutely critical component of any effort to develop the next generation missile defense capability. Last year, the U. S. put a new hypersonic and ballistic tracking space sensor satellite in orbit. Do we have any plans, either as part of the Golden Dome architecture [or] independently, to expand that capability?”
    COLLINS: “Yes, sir. We as well believe that a very effective and resilient space layer is going to be critical to the future missile defense requirements of the homeland as well as our deployed forces. We rely on space assets today as part of our kill chain for initial tip-off, and we will continue to do that. The Space Force, Space Development Agency, will operationalize the HBTSS capability. The relationship we have with Space Force is we may prototype technology that is required and prove it out for missile defense. The Space Force will operationalize that capability as we move forward, and HBTSS will be foundational. That type of technology will be foundational to hypersonic missile defense in the future. And we’re working on future prototyping space sensor capabilities, in particular, discriminating space center to help improve ballistic missile defense in the future as well. We’ll prototype and space force will operationalize. And so, space will be very key to protecting the homeland and our deployed forces in the future. Thanks, Senator.”
    TUBERVILLE: “Thank you. Mr. Chairman.”
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI Security: Florida Equipment Manufacturer Sentenced for Tax Evasion

    Source: United States Attorneys General

    A Florida man was sentenced today to 24 months in prison for evading nearly $2.4 million in taxes on income he earned from his business.

    The following is according to court documents and statements made in court: Roger Whitman manufactured and sold Rife machines, devices that use energy waves to purportedly treat a wide range of medical conditions. Between 2002 and 2018, Whitman generated millions of dollars in gross receipts from the sale of such equipment. Whitman also has a long history of non-compliance with his tax obligations, having not filed an individual income tax return since 1997 and not made any tax payments since 2000.

    In 2012, the IRS assessed nearly $800,0000 in taxes against Whitman for 2002 through 2009 and then began trying to collect these taxes from him. To thwart the IRS’s collection efforts, Whitman formed a trust with his girlfriend serving as the trustee. Whitman then directed his income from the business into the trust’s bank accounts and used the funds from these accounts to pay personal expenses. In approximately July 2019, to further thwart IRS efforts, Whitman formed a new entity to operate his business.

    Through his actions, Whitman caused a tax loss to the IRS of more than $2.4 million.

    In addition to his prison sentence, U.S. District Judge John Antoon II for the Middle District of Florida ordered Whitman to serve one year of supervised release and pay $2,314,220.15 in restitution to the IRS.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation investigated the case.

    Trial Attorney Melissa Siskind of the Tax Division prosecuted the case, with assistance and support from the U.S. Attorney’s Office for the Middle District of Florida.

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  • MIL-OSI Security: U.S. Marshals Capital Area Regional Fugitive Task Force Continues to Protect Virginia Streets

    Source: US Marshals Service

    Newport News, VA – The U.S. Marshals Service Capital Area Regional Fugitive Task Force (CARFTF) April 30 arrested in Newport News a fugitive wanted on sexual assault charges.

    Mateo Juan Nicolas, 24, is alleged to have used force in the rape a minor in a vehicle April 25 in Greene County.

    Greene County Sheriff’s Office requested assistance from CARFTF April 28 in locating and arresting Nicolas, who is originally from Guatemala.

    CARFTF arrested Nicolas without incident at the intersection of 36th Street and Jefferson Avenue.  

    He was transported to the city jail in Newport News and booked on the active warrants.  

    Since 2004, the Capital Area Regional Fugitive Task Force has focused resources and efforts on the enhancement of public safety and the reduction of violence within the National Capital Region, through the identification, investigation, and apprehension of fugitives wanted for egregious crimes against the community, while ensuring the equal application of Justice, Integrity, and Service for all.

    MIL Security OSI –

  • MIL-OSI Security: Florida Man Sentenced to 11 Years in Federal Prison for Participating in Violent Danbury Kidnapping

    Source: Office of United States Attorneys

    David X. Sullivan, United States Attorney for the District of Connecticut, announced that ANTHONY PENA, also known as “Tony,” 24, of Miami Gardens, Florida, was sentenced today by U.S. District Judge Sarala V. Nagala in Hartford to 132 months of imprisonment, followed by two years of supervised release, for participating in a violent kidnapping in Danbury last summer.

    According to court documents and statements made in court, in the late afternoon of August 25, 2024, Danbury Police received multiple 911 calls from witnesses who observed several males assaulting another male and forcing him into a white work van.  Responding officers encountered the van on Clapboard Ridge Road, near the intersection of East Gate Road, and attempted to stop it.  The van accelerated at a high-rate of speed and crashed approximately one mile away on Cowperthwaite Street.  Pena, Angel Borrero, and two associates, all dressed in black, exited the van and fled on foot.  Officers arrived at the location of the disabled van and located a male and female victim, both bound with duct tape, in the back of the van.  The male victim had significant injuries to his face and arm.  Both victims were transported to the hospital for further evaluation.  The victims reported that the Lamborghini Urus they were operating was rear-ended by a Honda Civic on Damia Drive in Danbury, and a white work van cut in front of their vehicle.  The victims were then forcibly removed from their vehicle, dragged into the van, and bound with duct tape.  When the male victim resisted, he was punched in the face and hit repeatedly with a baseball bat, both outside and inside the van, by Pena and others.  The victims were told several times that they would be killed.

    Pena, Borrero, and the two associates were apprehended in various locations within a quarter-mile radius from where the van crashed.  Two other associates, and the Honda Civic, were located at a short-term rental home in Roxbury.  A baseball bat was found inside the car.  The victims’ Lamborghini, with a blood-stained baseball bat inside the car, was found abandoned in the woods off the roadway on East King Street.

    The kidnapping was intended to facilitate the extortion of the victims’ son, who is suspected of participating in the theft of hundreds of millions of dollars in cryptocurrency.

    Pena has been detained since his arrest.  On January 10, 2025, he pleaded guilty to conspiracy and kidnapping.

    Borrero and three others involved in the offense also pleaded guilty and await sentencing.

    This matter is being investigated by the FBI New Haven Violent Crimes Task Force and the Danbury Police Department.  The Task Force includes members from the Connecticut State Police and several local police departments.  The case is being prosecuted by Assistant U.S. Attorneys Karen L. Peck and John T. Pierpont, Jr.

    U.S. Attorney Sullivan thanked the State’s Attorney’s Office for the Judicial District of Danbury for its close cooperation in investigating and prosecuting this matter.

    MIL Security OSI –

  • MIL-OSI Security: Former CEO of Healthcare Services Company Admits Role in Elaborate Investment Fraud Scheme

    Source: Office of United States Attorneys

    NEWARK, N.J. – The former chief executive officer of a publicly traded healthcare services company admitted his role in a conspiracy to defraud investors in connection with the purchase or sale of the company’s securities, U.S. Attorney Alina Habba announced.

    Parmjit Parmar, a/k/a “Paul Parmar,” 55, of Colts Neck, New Jersey, pleaded guilty before U.S. District Judge Madeline Cox Arleo in Newark federal court to conspiracy to commit securities fraud.

    According to documents filed in this case and statements made in court:

    From May 2015 through September 2017, Parmar and his conspirators, including Sotirios Zaharis, a/k/a “Sam Zaharis,” and Ravi Chivukula orchestrated an elaborate scheme to defraud a private investment firm and others out of hundreds of millions of dollars in connection with the funding of a transaction to take private a healthcare services company (Company A) traded publicly on the London Stock Exchange’s Alternative Investment Market. To fund the transaction, the private investment firm put up approximately $82.5 million and a consortium of financial institutions put up another $130 million, for a total of approximately $212.5 million. The scheme utilized fraudulent methods to grossly inflate the value of Company A and trick others into believing that Company A was worth substantially more than its actual value.

    Parmar and the conspirators sought to raise tens of millions of dollars in the public markets, purportedly to fund Company A’s acquisitions of various operating subsidiaries. In actuality, a number of those entities either did not exist or had only a fraction of the operating income attributed to them. The conspirators funneled the proceeds of these secondary offerings through bank accounts they controlled and used the money for a variety of purposes that had nothing to do with acquiring the purported targets. The conspirators went to great lengths to make it appear that these funds were revenue, concocting phony customers and altering bank statements to make it appear as if the funds were coming from customers.

    To perpetuate the scheme, Parmar and his conspirators also falsified and fabricated bank records of subsidiary entities in order to generate a phony picture of Company A’s revenue streams and made material misrepresentations and omissions to the private investment firm and others.

    Parmar and his conspirators’ actions caused victims to value Company A at more than $300 million for purposes of financing the transaction to take Company A private. The scheme was uncovered in September 2017, when Parmar and his conspirators resigned from their positions with Company A or were terminated. On March 16, 2018, Company A and numerous of its affiliated entities filed for bankruptcy, attributing the company’s financial demise, in large part, to the fraud scheme.

    The conspiracy to commit securities fraud charge to which Parmar has plead guilty, carries a maximum penalty of five years in prison and a $250,000 fine. Pursuant to the terms of his plea agreement, Parmar has also agreed to forfeiture of certain properties and the contents of several bank accounts, and the Court must order that Parmar pays restitution to any victims of his offense.

    U.S. Attorney Habba credited special agents of the Federal Bureau of Investigations, under the direction of Special Agent in Charge Brian Driscoll, with assistance from FBI Headquarters Forensic Accountant Support Team.

    The government is represented by Assistant U.S. Attorneys Vinay S. Limbachia, George M. Barchini, and Kelly M. Lyons of the U.S. Attorney’s Office Criminal Division in Newark.

    The charges and allegations contained in the Indictment with respect to Parmar’s co-defendants, Zaharis and Chivukula, are merely accusations, and Zaharis and Chivukula are presumed innocent unless and until proven guilty.

                                                                           ###

    Defense counsel for Parmar: John H. Hemann, Esq., San Francisco, CA; Andrew D. Goldstein, Victoria R. Pasculli, Alessandra V. Rafalson, Esqs., New York, NY; Anuva V. Ganapathi, Esq., Palo Alto, CA

    MIL Security OSI –

  • MIL-OSI Security: Federal Jury Convicts Prison Inmate of Murder and Hate Crime in Death of Fellow Inmate

    Source: Office of United States Attorneys

    ROCKFORD — An inmate at Thomson Penitentiary in Thomson, Ill., has been convicted of murder and hate crime in the death of a fellow inmate.

    After a seven-day trial, the jury in U.S. District Court in Rockford on Tuesday found BRANDON SIMONSON, also known as “Whitey,” 41, of Moorhead, Minn., guilty of all four counts against him, including second-degree murder, conspiracy to commit murder, hate crime, and assault relating to the death of Matthew Phillips.  U.S. District Judge Iain D. Johnston set sentencing for Aug. 22, 2025.

    According to evidence presented at trial, Simonson conspired with a co-defendant, KRISTOPHER MARTIN, to beat Phillips because he was Jewish.  Simonson and Martin assaulted Phillips to gain recognition and membership into a white supremacist anti-semitic prison gang called the Valhalla Bound Skinheads.  Evidence showed Simonson punched and kicked Phillips in the face and head, despite Phillips being knocked unconscious and unable to defend himself.  The assault on March 2, 2020, led to Phillips’ death three days later. 

    Martin, also known as “No Luck,” 43, of Brazil, Ind., pleaded guilty earlier this year and is awaiting sentencing.

    The convictions were announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI.  Valuable assistance was provided by the Federal Bureau of Prisons.  The government is represented by Assistant U.S. Attorneys Vincenza L. Tomlinson and Ronald DeWald.

    “We are grateful to the jury for delivering justice in a very difficult case for Mr. Phillips’ family and the people of the Northern District of Illinois,” said U.S. Attorney Boutros.  “The significant convictions in this case are the result of the extraordinary dedication and commitment of our prosecutors and law enforcement partners.  We will not tolerate criminal acts such as these anywhere in our district, including in our prison system.”

    “The FBI and our law enforcement partners hold those accountable who compromise the safety or lives of others, even those serving sentences in prison,” said FBI SAC DePodesta.  “We continue to ask the public to help keep our communities safe from any acts of violence like those detailed in this case by reporting threatening or suspicious behavior immediately to local law enforcement or the FBI.”

    MIL Security OSI –

  • MIL-OSI Security: Ecuadorian National Convicted of Illegal Reentry and Failure to Notify of a Change of Address

    Source: Office of United States Attorneys

    MINNEAPOLIS – Sebastian Saquinga-Topanta, an Ecuadorian national, pleaded guilty to Illegal Reentry into the United States, in violation of 8 U.S.C. § 1326, and Failure to Notify of a Change of Address, in violation of 8 U.S.C. § 1306(b), announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to court documents, Sebastian Saquinga-Topanta, 31, did not have a lawful immigration status to enter the United States.  On September 1, 2022, Saquinga-Topanta was discovered by the U.S. Border Patrol and was removed from the United States as an undocumented alien.  He was returned to Ecuador but, soon after, the defendant knowingly, voluntarily, and unlawfully returned to the United States in December 2022.

    According to court documents, Saquinga-Topanta was previously apprehended for driving while intoxicated in June 2023.  The defendant was arrested twice on warrants in December 2023 and January 2024 for the DUI case.  Saquinga-Topanta was questioned about his residence following his arrest.  Law enforcement went to the purported address but discovered that the defendant no longer lived there.  During a period from January to May of 2024, the defendant failed to register his change of address with the Attorney General.  In addition, he was not approved by the Attorney General or the Security of Homeland Security to re-apply and remain in the United States.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime.

    Assistant U.S. Attorney Melinda A. Williams prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Oakton doctor sentenced to 13 years in prison for running urgent care center as opioid pill mill

    Source: Office of United States Attorneys

    ALEXANDRIA, Va. – An Oakton doctor was sentenced today to 13 years in prison for conspiring to distribute oxycodone and amphetamines, maintaining drug premises, and false statements relating to health care matters.

    According to court documents, David Allingham, 65, was the owner of and sole medically licensed practitioner at Oakton Primacy Care Center (OPCC), an urgent care center. His practice advertised on his website that Allingham specialized as an “Addiction Medicine Family Doctor” with “special training and skill in preventing, diagnosing, and treating patients with addiction.”

    Between at least April 2019 and January 2024, Allingham wrote prescriptions for opioids and amphetamines for numerous patients without properly assessing the individual needs of those patients, which was outside the usual course of professional practice and regulations and without legitimate medical purpose. During that time, Virginia pharmacies filled approximately 7,330 prescriptions for oxycodone prescribed by Allingham, totaling approximately 405,164 pills.

    All of Allingham’s patients were instructed to pay out of pocket for office visits at Allingham’s practice, which cost $300-$550 per patient, typically paid via cash, credit card, or Venmo. An extra $700 was required if the patient wanted a doctor’s letter. Allingham required his chronic pain patients to pay for an office visit at least every 21 days, though he allowed a significant number of these “office visits” to be conducted via a phone call to employees who were not medically trained. Allingham authorized renewals of opioid medication without physically examining patients or without medical indication other than the uncorroborated information the patients provided.

    Multiple pharmacies investigated Allingham’s opioid prescribing practices and thereafter refused to fill prescriptions for controlled substances issued by Allingham. After a national pharmacy chain informed Allingham that its stores would no longer fill prescriptions written by him, Allingham instructed his employees to phase out all brand pharmacies in favor of “mom and pop” pharmacies to avoid further scrutiny of his patients and so he could continue to prescribe high-dose opioids for them.

    Allingham typically required a urine drug screen (UDS) at each in office appointment but failed to act on them in a medically appropriate way. Allingham consistently excused or ignored failed UDSs, which were then withheld from patient files or falsely documented in his medical records. One patient failed 40 drug tests between 2019 and 2023. Allingham’s medical record falsely documented that the patient had tested positive for cocaine in his urine merely from handling currency contaminated with cocaine residue. Allingham nevertheless continued to prescribe oxycodone to the patient.

    Allingham also prescribed amphetamines to multiple chronic pain patients to assist them in weight loss in contravention of regulations. Allingham prescribed amphetamines for weight loss purposes regardless of whether the patient was obese. During the conspiracy, Allingham distributed at least 527 prescriptions for amphetamines for this purpose, totaling over 13,500 pills.

    Allingham also unlawfully used and directed his employees to use another doctor’s identity without authorization to prescribe medications for himself and his family. Allingham instructed his employees to provide the OPCC phone number for prescriptions purportedly written by that doctor and directed them how to respond if pharmacists called inquiring about the prescriptions, because at that time the doctor was not an employee of OPCC.

    Multiple of Allingham’s patients died of drug overdoses within hours, days, or weeks of receiving an oxycodone prescription from Allingham.

    In July 2023, law enforcement conducted a search of Allingham’s residence and medical practice. When interviewed by law enforcement, Allingham made false statements regarding his prescribing practices and directed at least one of his employees to delete records of her text message communications with him.

    Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia; Ibrar A. Mian, Special Agent in Charge for the Drug Enforcement Administration’s (DEA) Washington Division; Maureen R. Dixon, Special Agent in Charge of the Office of Inspector General for the U.S. Department of Health and Human Services; and Col. Matt Hanley, Superintendent of Virginia State Police, made the announcement after sentencing by U.S. District Judge Rossie D. Alston Jr.

    The Fairfax County Police Department provided valuable assistance in the investigation.

    Assistant U.S. Attorney Heather D. Call prosecuted the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:25-cr-2.

    MIL Security OSI –

  • MIL-OSI Security: Houston custom home builder heads to prison for misusing construction funds

    Source: Office of United States Attorneys

    HOUSTON – A 40-year-old Houston man has been sentenced for wire fraud, announced U.S. Attorney Nicholas J. Ganjei.

    Brett Michael Detamore pleaded guilty Aug. 23, 2024.

    U.S. District Judge George C. Hanks has now ordered Detamore to serve 51 months in federal prison to be immediately followed by two years of supervised release. He was also ordered to pay a total of $2.3 million in restitution to over 10 victims. At the hearing, the court heard additional testimony from several victims who described how Detamore had abused their trust and devastated them financially.

    Detamore, operating as a custom home builder under Detamore Development LLC, fraudulently obtained at least $1.5 million for his personal use as a result of misusing funds intended for the construction of private residences.

    Detamore submitted false and fraudulent invoices to banks holding construction loans for single-family residences he was contracted to build. The false invoices caused the banks to send funds to bank accounts Detamore controlled. He then used the funds for his personal benefit.

    He was permitted to remain on bond and voluntarily surrender to a Federal Bureau of Prisons facility to be determined in the near future.

    The FBI conducted the investigation with the assistance of the West University Police Department. Assistant U.S. Attorneys Karen Lansden and Suzanne Elmilady prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Pediatric Physician Sentenced to 25 Years for Producing Child Pornography

    Source: Office of United States Attorneys

    KANSAS CITY, Mo. – An Overland Park, Ks., pediatric physician was sentenced in federal court today for producing child pornography and possession of child pornography.

    Brian Aalbers, 51, was sentenced by U.S. District Court Judge Brian C. Wimes to 25 years in federal prison without parole. The court also ordered Aalbers to serve supervised release for Life following his incarceration.

    Aalbers, a pediatric neurologist at Overland Park Regional Hospital in Overland Park, Ks., had pleaded guilty to using concealed video cameras to secretly record 13 child victims for the purpose of producing child pornography over a three-year period.  Aalbers also had admitted that he was in possession of child pornography.

    Concerns were received by both the FBI and the United States Attorney’s Office regarding the potential victimization of patients of Aalbers’s pediatric practice. During the investigation, it was determined there was no evidence to indicate any current or former patients were victimized by Aalbers. To protect and maintain the privacy of Aalbers’s victims, no additional information regarding the victims will be released.

    According to the plea agreement, Kansas City, Mo., police officers investigated a report regarding concealed video cameras that had been found on Oct. 28, 2023. A witness later contacted officers to report that Aalbers was sending suicidal text messages. Lenexa, Ks., police officers located Aalbers and transported him to a local hospital to obtain voluntary mental health treatment. The hospital took possession of two laptop computers, two iPad tablets, and a cell phone that were inside a backpack Aalbers brought with him when he entered the facility.

    Investigators obtained search warrants for those devices, as well as other cameras and electronic devices owned by Aalbers. Investigators found more than 50,000 video files associated with the hidden video cameras used by Aalbers, including more than 1,000 videos that contained pornographic depictions of the 13 child victims.

    Investigators also obtained a search warrant for Aalbers’s iCloud account, which contained 1,000 additional images and 163 additional videos of child pornography, which included videos of the identified child victims that had been produced by Aalbers.

    This case was prosecuted by Assistant U.S. Attorney Maureen A. Brackett. It was investigated by the Federal Bureau of Investigation, Kansas City, Missouri Police Department, and Lenexa, Kansas Police Department.

    Project Safe Childhood

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.usdoj.gov/psc . For more information about Internet safety education, please visit www.usdoj.gov/psc and click on the tab “resources.”

    MIL Security OSI –

  • MIL-OSI: Kaleido Life Introduces the Third Way to Fund Your Future: Cash. Credit. Kaleido.

    Source: GlobeNewswire (MIL-OSI)

    Photo Courtesy of Craig Du Bruyn

    ATLANTA, May 14, 2025 (GLOBE NEWSWIRE) — Forget cash or credit. Kaleido Life is pioneering a third way to fund your life—by inheriting from your future self, today.

    Currently in pre-launch, Kaleido Life is an Atlanta-based insurtech company building a new category in life insurance: interest-free, upfront cash benefits delivered at the start of a policy—not at the end of life. Designed for today’s generation of value-seekers, the platform uses AI, biometrics, and behavioral science to offer hyper-personalized liquidity with no loans, no interest, and no credit checks.

    “Our product is the bridge between people’s dreams and their reality,” said Craig Du Bruyn, Founder and CEO of Kaleido Life. “Life insurance is simply how we deliver it. It’s not a loan—it’s your money, unlocked.”

    Not Borrowed. Not Earned. Inherited.

    Through Kaleido’s proprietary Life Liquidity Score™, qualified customers receive up to 25% of their death benefit in cash at policy inception. The system dynamically evaluates mortality, health behaviors, and lifestyle to determine eligibility and tiered benefit levels. The funds can be used for real needs—paying off student debt, funding a first home, starting a business, or taking a life-changing leap—without sacrificing long-term protection.

    Unlike traditional life insurance, which only pays out after death, or loans that burden the future with interest, Kaleido offers an immediate and debt-free bridge between aspiration and reality.

    Built for Living, Not Just Leaving

    Kaleido’s tech stack eliminates the typical friction in life insurance onboarding. Its AI-powered underwriting engine delivers real-time decisions, while its 360º Wellness Matrix integrates with wearables like Apple Watch and Oura Ring to promote long-term engagement. Healthier habits can lead to increased benefits, cashback rewards, and lower premiums over time.

    The result: a feedback loop that makes financial well-being and physical well-being mutually reinforcing.

    “We don’t just predict risk—we predict potential,” said Craig Du Bruyn. “Even if someone doesn’t qualify today, we guide them toward it. Our system reflects real lives—not just data points—and we build life insurance around what people actually need to live better now.”

    From Passive Product to Active Platform

    Kaleido Life isn’t competing on price—it’s competing on access, immediacy, and relevance. With 125 million Americans uninsured and 50% of policyholders saying they’d switch providers for a better experience, the company is positioning itself not just as an insurer—but as a financial wellness ally.

    Distribution is designed for the modern world: embedded finance partners, AI-powered influencer ecosystems, and social distribution models that scale trust—not just impressions.

    “Kaleido isn’t just another fintech—they’re building what legacy institutions can’t,” said Gary Bennett, former CEO and Chairman of CreditAccess Life and Seguros Monterrey New York Life. “This is the transformation the industry has been waiting for.”

    About Kaleido Life, Inc.

    Kaleido Life, Inc. is a pre-launch insurtech company based in Atlanta, Georgia, redefining the purpose of life insurance. Through AI, biometric data, and a proprietary liquidity engine, Kaleido enables policyholders to access future value today. With no loans, no interest, and no credit checks, the company’s Life Benefits™ platform is transforming life insurance from a passive promise into an active tool for financial and personal freedom.

    Contact Information:

    Contact Person’s Name: Craig Du Bruyn
    Organization / Company: Kaleido Life, Inc.
    Company website: https://kaleido-life.com/
    Contact Email Address: craig@kaleido-life.com
    City, State / Province, Country, Zip Code: Atlanta, GA

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3d771b7b-7e67-4f33-ba2b-77e66bc622d2

    The MIL Network –

  • MIL-OSI: Define Solar Offers Homeowners Smarter, More Flexible Solar Investment Solutions

    Source: GlobeNewswire (MIL-OSI)

    MT. LAUREL, N.J., May 14, 2025 (GLOBE NEWSWIRE) — As the demand for clean, cost-effective energy grows, Define Solar continues to lead the solar movement with customizable investment options tailored to meet diverse financial needs. By combining innovative solar technology with personalized financial strategies, Define Solar is helping New Jersey and Pennsylvania homeowners switch to solar energy—without the stress.

    Through various carefully structured investment options, Define Solar empowers clients to take control of their energy use and long-term finances. Homeowners can choose from flexible leasing, low-interest loans, or complete purchase plans—each designed to suit different budgets while maximizing savings and energy efficiency. These offerings allow families to go solar confidently, knowing they can access clear, cost-effective solutions tailored to their needs.

    One of the defining features of the Define Solar experience is access to a dedicated team of solar financial experts. These professionals work closely with every client to navigate incentives, tax credits, and payment structures—ensuring they fully understand the long-term economic advantages of going solar. From identifying the best plan to optimizing energy savings over time, the finance team turns complex decisions into confident choices.

    “We’re not just selling solar panels—we’re helping families make smart, future-focused investments,” said a spokesperson for Define Solar. “Our goal is to demystify solar financing and provide solutions that truly make sense for our customers.”

    The financial benefits of solar are undeniable. With rising utility costs and increased federal and state incentives, homeowners see significant monthly savings and long-term property value rises. Combine that with Define Solar’s high-efficiency equipment, and you will have a winning formula for sustainability and financial growth.

    As more families explore clean energy alternatives, Define Solar is a trusted partner for those ready to invest in a brighter, greener future. For more information, please visit https://definesolar.com/solar-plans.

    About Define Solar

    Define Solar, serving NJ and PA, specializes in professional solar installations with an unmatched commitment to communication, quality, and detail. With years of experience and a track record of helping numerous families, the company delivers reliable, world-class service. Every project is tailored to meet individual client needs, ensuring exceptional results.

    Media Contact
    Define Solar
    +1 856-724-2611
    solarcare@definesolar.com 

    The MIL Network –

  • MIL-OSI: Orca Energy Group Inc. Announces Completion of Q1 2025 Interim Filings

    Source: GlobeNewswire (MIL-OSI)

    TORTOLA, British Virgin Islands, May 14, 2025 (GLOBE NEWSWIRE) — Orca Energy Group Inc. (“Orca” or the “Company” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) today announces that it has filed its condensed consolidated interim (unaudited) financial statements and management’s discussion and analysis for the three month period ended March 31, 2025 (“Q1 2025”) with the Canadian securities regulatory authorities. All amounts are in United States dollars (“$”) unless otherwise stated.

    Jay Lyons, Chief Executive Officer, commented:

    “Operationally, I am pleased with how Orca has performed in the first quarter of 2025. Despite the marginal reduction in gas deliveries, largely due to factors outside of the Company’s control, production from the Songo Songo gas field remains robust and in line with our expectations. In light of the challenging commercial environment and the lack of clarity regarding a license extension being secured, capital expenditure on the field has been significantly reduced year-on-year, and this will remain the case going forward.

    Orca remains focused on safeguarding shareholder value with a view to maintaining the capital returns policy, subject to an ongoing review of the commercial environment. We will keep all our stakeholders appraised of developments over the coming months.”

    Highlights

    • Revenue for Q1 2025 increased by 2% compared to the same prior year period, primarily as a result of a higher current income tax adjustment.
    • To date the Songas Power Plant remains shutdown.
    • Gas delivered and sold decreased by 3% for Q1 2025 compared to the same prior year period. In 2024, the Julius Nyerere Hydropower Project (“JNHPP”) commenced commercial operations, with progressive commissioning of each of its 9 turbines allowing a potential peak output of over 2,115 MW. Although the JNHPP’s power generation is currently constrained pending ongoing development of the electricity distribution network, the increased hydro power generation it has delivered, combined with the Songas Power Plant shutdown, have been the primary factors in reduced gas liftings for the power sector.
    • On April 14, 2023, PanAfrican Energy Tanzania Limited (“PAET”) formally requested Tanzanian Petroleum Development Corporation (“TPDC”) apply for an extension of the Songo Songo Development License (the “License”). TPDC is contractually required to make this application promptly upon a request by the Company. In November 2024, TPDC submitted the application for the extension of the License to the Ministry of Energy (“MoE”), however, being uneconomic, the Company informed TPDC that it did not agree with the terms as submitted. Having declined to address PAET’s concerns itself, TPDC refused to rescind and resubmit the application and has advised PAET to raise any issues directly to the MoE. The Company’s Counsel subsequently submitted a letter to the MoE, requesting an urgent meeting to address the issues, and to date a response has not been received to such letter. There are currently no certainties on the timing, nature and extent of any extension of the License. Until an extension has been finalized, a high degree of uncertainty exists with respect to the extent of the Company’s operating activities subsequent to October 2026, when the License is set to expire.
    • On April 15, 2024, contrary to the terms of the gas agreement (“Gas Agreement”) and Production Sharing Agreement (the “PSA”) between PAET, TPDC and the Government of Tanzania (“GoT”), and in violation of Pan African Energy Corporation (Mauritius) (“PAEM”) and PAET’s expectations, the Permanent Secretary of MoE wrote to TPDC, copying PAET and Songas Limited (“Songas”), directing TPDC to “ensure that Protected Gas continues to be produced to the end of the Development Licence on 10th October 2026”. Consistent with that instruction, TPDC took the position that Protected Gas should continue despite the parties’ contractual agreement that Protected Gas ceased after July 31, 2024.
    • In February 2025, PAET, TPDC and Tanzania Portland Cement PLC (“TPCPLC”) agreed to the terms of the Supplementary Gas Agreement (“SGA”) to sell volumes after July 31, 2024 as Additional Gas, which, prior to August 1, 2024, were supplied as Protected Gas. In Q1 2025, TPCPLC fully paid the Company $10.4 million of the receivable previously outstanding as at December 31, 2024.
    • On August 7, 2024, PAET and PAEM issued a notice of dispute (“Notice of Dispute”) in respect of an investment treaty claim against the GoT for breach of the Agreement on Promotion and Reciprocal Protection of Investment between the Government of the Republic of Mauritius and the GoT (“BIT”), and a contractual dispute against GoT and TPDC, for breaches of the: (i) PSA, and (ii) the Gas Agreement. Initial meetings with both the Advisory and Coordinating Committees were held during the week of October 14, 2024 without any resolution on the key issues in dispute. The matters have been further referred to the relevant entity’s chief executive officers and working groups in accordance with the dispute resolution process. Discussions continued with meetings held in January and March 2025 without resolution. The Company’s Counsel subsequently submitted a letter to the MoE, requesting an urgent meeting to address the issues, to date we haven’t had a response to the letter.
    • In February 2025, the Company received a judgment (the “Judgment”) from the Tanzanian High Court (Commercial Division) (the “Court”) for a claim brought by a contractor against PAET. The claim was brought by the contractor for losses arising from PAET’s termination of a contract relating to the Company’s 3D seismic acquisition program. The contract was signed in 2022 and work was due to be completed by the end of 2022; however, work only commenced in 2023 and was never completed. Pursuant to the Judgment, the Court ordered specific and general damages in the aggregate of $23.1 million, plus legal costs and interest at a rate of 7% per annum be paid by PAET to the contractor. PAET respectfully disagrees with the Judgment and has initiated the appeal process. PAET was required to post security for the full amount of the Judgment until the appeal is resolved. The Company has recognised the resulting liability in 2024 based on the Judgment applied. The Company has initiated the appeal process, and if successful in that process, a reversal would be recognized in earnings at that time.
    • Net income attributable to shareholders decreased by 89% for Q1 2025 compared to the same prior year period, primarily as a result of higher depletion and general and administrative expenses.
    • Net cash flows from operating activities1 increased to $20.3 million in Q1 2025 compared to net cash flows used in operating activities of $6.2 million for the same prior year period, primarily a result of the higher payment of the 2023 current liability associated with additional profits tax in Q1 2024 and the TPCPLC settlement of the 2024 year end receivable as well as other changes in non-cash working capital.
    • Capital expenditures decreased by 63% for Q1 2025 compared to the same prior year period. The capital expenditures in Q1 2025 primarily related to the costs of flowlines replacements on SS-5 and SS-9 wells, deferred from 2024 at the request of the GoT. The capital expenditures in Q1 2024 primarily related to the costs of the planned SS-7 well workover program.
    • The Company exited the period with $26.8 million in working capital1 (December 31, 2024: $21.9 million) and cash and cash equivalents of $70.2 million (December 31, 2024: $90.1 million). Cash held in hard currencies (USD, Euro, GBP, CDN) was $64.8 million, as at March 31, 2025 (December 31, 2024: $87.1 million).
    • In February 2025, the Company fully prepaid the $60 million investment (the “Loan”) made by International Finance Corporation (“IFC”) in PAET, pursuant to a loan agreement dated October 29, 2015 between the IFC, PAET and the Company (the “Loan Agreement”). To effect the foregoing prepayment, the Company paid to IFC $30.6 million, representing the aggregate outstanding principal of the Loan together with all accrued interest thereon and all other amounts owing in connection with the Loan as of February 21, 2025. As of the date hereof, the annual variable participating interest granted by PAET to IFC under the terms of the Loan Agreement remains outstanding.
    • As at March 31, 2025, the current receivable from the TANESCO was $12.5 million (December 31, 2024: $12.7 million). The TANESCO long- term receivable as at March 31, 2025 and as at December 31, 2024 was $22.0 million and has been fully provided for. Subsequent to March 31, 2025, the Company has invoiced TANESCO $5.4 million for April 2025 gas deliveries and TANESCO has paid the Company $5.7 million to date.
    • On April 15, 2025 PAET signed a settlement agreement with TPDC and TANESCO (“Settlement Agreement”), for TANESCO to pay PAET and TPDC $52.0 million for unpaid amounts owing by TANESCO for deliveries of natural gas from the Songo Songo gas field. The Settlement Agreement requires TANESCO to pay the Tanzanian Shilling equivalent of $52.0 million, comprised of the $33.7 million principal amount and $18.3 million representing a portion of the default interest owed by TANESCO. It was agreed that the remaining balance of the default interest owing by TANESCO would be waived if TANESCO pays the settlement amount when required and in full while remaining current on amounts owed. TANESCO must pay the settlement amount to PAET via weekly instalments and meet monthly total payment amounts, commencing in April 2025 and ending in October 2025. Payments on account of the settlement amount will be allocated between PAET and TPDC in accordance with the PSA. Pursuant to the PSA, and assuming payment in full of the settlement amount, the Company expects to retain approximately $29.4 million of the settlement amount with TPDC retaining the balance. To date, TANESCO has paid $10.0 million under the Settlement Agreement.

    1 See Non-GAAP Financial Measures and Ratios.

    Financial and Operating Highlights for the Three Months Ended March 31, 2025          
      Three Months
    ended March 31     		 % Change 
    (Expressed in $’000 unless indicated otherwise) 2025 2024  Q1/25 vs Q1/24 
    OPERATING
    Daily average gas delivered and sold (MMcfd)    		 72.0 74.3   (3 )%
    Industrial 19.1 14.0   36 %
    Power 52.9 60.3   (12 )%
    Average price ($/mcf)          
    Industrial 7.98 8.94   (11 )%
    Power 3.92 3.87   1 %
    Weighted average 4.99 4.82   4 %
    Operating netback ($/mcf)1 2.87 2.79   3 %
    FINANCIAL      
    Revenue 25,391 24,937   2 %
    Net income attributable to shareholders 102 969   (89 )%
    per share – basic and diluted ($) 0.01 0.05   (80 )%
    Net cash flows from / (used in) operating activities 20,264 (6,170 ) n/m
    per share – basic and diluted ($)1 1.03 (0.31 ) n/m
    Capital expenditures1 548 1,470   (63 )%
    Weighted average Class A and Class B shares (‘000) 19,766 19,799   0 %
      March 31, As at December 31,  
      2025 2024  % Change
    Working capital (including cash) 1 26,796 21,904   22 %
    Cash and cash equivalents 70,183 90,076   (22 )%
    Outstanding shares (‘000)      
    Class A 1,750 1,750   0 %
    Class B 18,015 18,022   0 %
    Total shares outstanding 19,765 19,772   0 %

    1 See Non-GAAP Financial Measures and Ratios.

    The complete Condensed Consolidated Interim (Unaudited) Financial Statements and Notes and Management’s Discussion & Analysis for the three months ended March 31, 2025 may be found on the Company’s website at www.orcaenergygroup.com or on the Company’s profile on SEDAR+ at www.sedarplus.ca.

    Orca Energy Group Inc.

    Orca Energy Group Inc. is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary, PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.

    The principal asset of Orca is its indirect interest in the PSA with TPDC and the GoT in the United Republic of Tanzania. This PSA covers the production and marketing of certain conventional natural gas from the License offshore Tanzania. The PSA defines the gas produced from the Songo Songo gas field as “Protected Gas” and “Additional Gas”. The Gas Agreement deals further with the parties’ entitlement to Protected Gas and Additional Gas. Under the Gas Agreement, until July 31, 2024, Protected Gas was owned by TPDC and was sold to Songas TPCPLC. After July 31, 2024, Protected Gas ceased and all production from the Songo Songo gas field constitutes Additional Gas which PAET and TPDC are entitled to sell on commercial terms until the PSA expires in October 2026. Songas is the owner of the infrastructure that enables the gas to be treated and delivered to Dar es Salaam, which includes a gas processing plant on Songo Songo Island.

    Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Abbreviations

    mcf thousand cubic feet
    MMcf million standard cubic feet
    MMcfd million standard cubic feet per day


    Non-GAAP     Financial Measures and Ratios

    In this press release, the Company has disclosed the following non-GAAP financial measures, non-GAAP ratios and supplementary financial measures: capital expenditures, operating netback, operating netback per mcf, working capital, net cash flows from operating activities per share and weighted average Class A and Class B Shares.

    These non-GAAP financial measures and ratios disclosed in this press release do not have any standardized meaning under International Financial Reporting Standards (“IFRS”), and may not be comparable to similar financial measures disclosed by other issuers. These non-GAAP financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Company’s financial performance defined or determined in accordance with IFRS. These non-GAAP financial measures and ratios are calculated on a consistent basis from period to period.

    Non-GAAP Financial Measures

    Capital expenditures

    Capital expenditures is a useful measure as it provides an indication of our investment activities. The most directly comparable financial measure is net cash used in investing activities. A reconciliation to the most directly comparable financial measure is as follows:

      Three Months ended
    March 31
    $’000 2025 2024 
    Pipelines, well workovers and infrastructure 548 1,169  
    Other capital expenditures – 301  
    Capital expenditures 548 1,470  
    Change in non-cash working capital 7,102 (85 )
    Net cash used by investing activities 7,650 1,385  


    Operating netback

    Operating netback is calculated as revenue less processing and transportation tariffs, TPDC’s revenue share, and operating and distribution costs. The operating netback summarizes all costs that are associated with bringing the gas from the Songo Songo gas field to the market and is a measure of profitability. A reconciliation to the most directly comparable financial measure is as follows:

      Three Months ended March 31
    $’000 2025  2024 
    Revenue 25,391   24,937  
    Production, distribution and transportation expenses (4,203 ) (4,310 )
    Net Production Revenue 21,188   20,627  
    Less current income tax adjustment (recorded in revenue) (2,538 ) (1,726 )
    Operating netback 18,650   18,901  
    Sales volumes MMcf 6,487   6,764  
    Netback $/mcf 2.87   2.79  


    Non-GAAP     Ratios

    Operating netback per mcf

    Operating netback per mcf represents the profit margin associated with the production and sale of Additional Gas and is calculated by taking the operating netback and dividing it by the volume of Additional Gas delivered and sold. This is a key measure as it demonstrates the profit generated from each unit of production.

    Supplementary Financial Measures

    Working capital

    Working capital is defined as current assets less current liabilities, as reported in the Company’s Condensed Consolidated Interim Statements of Financial Position (Unaudited). It is an important measure as it indicates the Company’s ability to meet its financial obligations as they fall due.

    Net cash flows from operating activities per share

    Net cash flows from operating activities per share is calculated as net cash flows from operating activities divided by the weighted average number of shares, similar to the calculation of earnings per share. Net cash flow from operations is an important measure as it indicates the cash generated from the operations that is available to fund ongoing capital commitments.

    Weighted average Class A and Class B Shares

    In calculating the weighted average number of shares outstanding during any period the Company takes the opening balance multiplied by the number of days until the balance changes. It then takes the new balance and multiplies that by the number of days until the next change, or until the period end. The resulting multiples of shares and days are then aggregated and the total is divided by the total number of days in the period.

    Forward-Looking Statements

    This press release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included in this press release, which address activities, events or developments that Orca expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often contain terms such as may, will, should, anticipate, expect, continue, estimate, believe, project, forecast, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook. More particularly, this press release contains, without limitation, forward-looking statements pertaining to the following: the Company’s expectations regarding the demand for natural gas and power supply; assessment by the Company of the merits of the appeal made by the Company pursuant to the Judgment; costs, outcomes and timing in respect to the outcome of the appeal of the Judgement; merit, outcomes, position and timing in respect of the Notice of Dispute; expectations in relation to the Notice of Dispute; extension of the License and the Company’s expectation to continue to actively engage with the GoT to progress the License extension; the ability of the Company to continue its operating activities subsequent to October 2026, when the License is set to expire; continued accrual of participating interest in respect of the Loan until the specified date; the receipt of the payment of arrears from TANESCO; and the payment by TANESCO of amounts owing under the Settlement Agreement; and the amount that PAET is expected to retain in relation to the Settlement Agreement. Actual results may differ materially from those anticipated in the forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, access to resources and infrastructure, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies.

    These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, and many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by the Company, including, but not limited to: uncertainties involving the Notice of Dispute and the Judgment; various uncertainties involved in the extension of the License; risk that meetings related to the Notice of Dispute are not held on the anticipated timing; risk the PSA will not be replaced; risk of decreased demand for production volumes from the Songo Songo gas field; risk the Songas Power Plant will shut down indefinitely; negative effect on the Company’s rights under the PSA and other agreements relating to its business in Tanzania; fluctuations in demand for natural gas and power supply in Tanzania; the Company’s average gas sales including the sale of Additional Gas are different than anticipated; risk that the Company may incur losses and legal expenses as a result of the Notice of Dispute and/or appeal of the Judgment; uncertainties regarding quantum of damages payable to the Company in respect of the Notice of Dispute; uncertainties regarding quantum of damages payable by the Company in respect of the appeal of the Judgment; risk that the budgeted expenditures, timing of the completion and anticipated benefits from the Company’s various development programs and studies in 2025 are different than expected; risk of damage to the Company’s infrastructure assets; failure to extend the License on favorable terms or at all; inability to continue the Company’s operating activities beyond the expiry of the License; inability to maintain gas sale contract discipline; the accrual of participating interest is different than expected; failure to receive payment of arrears from TANESCO; if any payment is eventually required in respect of the Judgment, that it will not be cost recoverable under the PSA; risk that TANESCO will not pay such amounts owing under the Settlement Agreement; changes to forecasts regarding future development capital spending and source of capital spending; risk of future restrictions on the movement of cash from Jersey, Mauritius or Tanzania; occurrence of circumstance or events which significantly impact the Company’s cash flow and liquidity and the Company’s ability cover its long-term and short-term obligations or fund planned capital expenditures; incurrence of losses from debtors in 2025; prolonged foreign exchange reserves deficiency in Tanzania; inability to convert Tanzanian shillings into US dollars or other hard currencies as and when required; discontinuation of work by the Company with the GoT on an alternative development plan for longer term field development; failure to obtain necessary regulatory approvals; risks regarding the uncertainty around evolution of Tanzanian legislation; risk of unanticipated effects regarding changes to the Company’s tax liabilities and the implementation of further legislation and the Company’s interpretation of the same; risk of a lack of access to Songas processing and transportation facilities; risk that the Company may be unable to complete additional field development to support the Songo Songo production profile through the life of the License; risks associated with the Company’s ability to complete sales of Additional Gas; negative effect on the Company’s rights under the PSA and other agreements relating to its business in Tanzania as a result of recently enacted legislation, as well as the risk that such legislation will create additional costs and time connected with the Company’s business in Tanzania; risk relating to the Company’s relationship with the GoT; the impact of general economic conditions in the areas in which the Company operates; civil unrest; risk of pandemic; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations; impact of local content regulations and variances in the interpretation and enforcement of such regulations; uncertainty regarding results through negotiations and/or exercise of legally available remedies; failure to successfully negotiate agreements; risks of non-payment by recipients of natural gas supplied by the Company; lack of certainty with respect to foreign legal systems, corruption, and other factors that are inconsistent with the rule of law; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply with, necessary permits and approvals; and potential damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s dealings with the GoT, TPDC and TANESCO, whether true or not; increased competition; the lack of availability of qualified personnel or management; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility; competition for, among other things, capital, oil and gas field services and skilled personnel; failure to obtain required equipment or replacement parts for field development; effect of changes to the PSA on the Company as a result of the implementation of new government policies for the oil and gas industry; inaccuracy in reserve estimates; incorrect forecasts in production and growth potential of the Company’s assets; inability to obtain required approvals of regulatory authorities; risks associated with negotiating with foreign governments; failure to successfully negotiate agreements; risk that the Company will not be able to fulfil its contractual obligations; risk that trade and other receivables may not be paid by the Company’s customers when due; the risk that the Company’s Tanzanian operations will not provide near term revenue earnings; and such additional risks listed under “Business Risks” in our management discussion and analysis for the three months ended March 31, 2025, and our management discussion and analysis for the year ended December 31, 2024. As a result of the foregoing, the Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by these forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Such forward-looking statements are based on certain assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances, including, but not limited to: increased demand for gas supply; successful negotiation and execution of new gas sales contracts under the Gas Agreement; successful negotiation of the License extension on terms favorable to the Company; successful implementation of various development and study programs at the budgeted expenditures; accurate assessment by the Company of the merits of its claim under the Notice of Dispute and the appeal of the Judgment; that all capital allocation decisions will be based upon prudent economic evaluations and returns; successful maintenance of gas sale contract discipline on a go-forward basis pursuant to the Company’s gas supply agreements; that the Company will receive payment of arrears from TANESCO; the Company’s relationship with TPDC and the GoT; the current status of actions involved in the Notice of Dispute; accurate assessment by the Company of the merits of its rights and obligations in relation to TPDC and the GoT and other stakeholders in the Songo Songo gas field; receipt of required regulatory approvals; the Company’s ability to maintain strong commercial relationships with the GoT and other state and parastatal organizations and other stakeholders in the Songo Songo gas field; the current and future administration in Tanzania continues to honor the terms of the PSA and the Company’s other principal agreements; that there will continue to be no restrictions on the movement of cash from Mauritius, Jersey or Tanzania; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and participation interest obligations as needed; the Company does not incur any losses from debtors in 2025; absence of circumstances or events that significant impact the Company’s cash flow and liquidity; the Company will continue to be able to convert Tanzanian shillings into US dollars; long term field development will be carried out as planned; continued work by the Company with the GoT on alternative development plan for longer term field development as anticipated; timing and amount of capital expenditures and source of funding are in line with forecasts; the Company’s ability to obtain necessary regulatory approvals; the anticipated supply and demand of natural gas are in line with the Company’s expectations; accurate assessment by the Company of the merits of appeal brought forward by the Company pursuant to the Judgment; that the amount of damages recoverable by the Company under the Notice of Dispute will be in line with expectations; the Company’s interpretation and prediction of the effects regarding changes to the Company’s tax liabilities and the implementation of further legislation is accurate in all material respects; the Company’s ability to obtain revenue earnings from its operations; access to customers and suppliers; availability of employees to carry out day-to-day operations, and other resources; that the Company will successfully negotiate agreements; receipt of required regulatory approvals; the ability of the Company to increase production as required to meet demand; infrastructure capacity; commodity prices will not deteriorate significantly; availability of skilled labour; uninterrupted access to infrastructure; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; that the Company’s appeal of various tax assessments will be successful; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; the effect of any new environmental and climate change related regulations will not negatively impact the Company; and other matters.

    The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

    The MIL Network –

  • MIL-OSI: Diversified Royalty Corp. Announces First Quarter 2025 Results and Leadership Update

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce its financial results for the three months ended March 31, 2025 (“Q1 2025”) and an update to its leadership structure.

    Highlights

    • The weighted average organic royalty growth1 of DIV’s diversified royalty portfolio was 4.9% in Q1 2025, compared to 6.0% for the three months ended March 31, 2024 (“Q1 2024”). The weighted average organic royalty growth1 on a consistent currency basis was 3.9% in Q1 2025, compared to 6.0% in Q1 2024.
    • Revenue was $15.6 million in Q1 2025, up 3.7%, compared to $15.1 million in Q1 2024.
    • Adjusted revenue1 was $17.0 million in Q1 2025, up 3.6%, compared to $16.4 million in Q1 2024.
    • Distributable cash1 was $11.1 million in Q1 2025, up 16.3%, compared to $9.6 million in Q1 2024.
    • Payout ratio1 was 93.8% in Q1 2025 on dividends of $0.0625 per share ($0.2500 per share annualized), compared to 97.2% in Q1 2024 on dividends of $0.0611 per share ($0.2444 per share annualized), which is an annualized growth of 2.3% in dividends year-over-year.

    First Quarter Commentary

    Sean Morrison, President and Chief Executive Officer of DIV stated, “The first quarter of 2025 once again saw a strong performance from our top royalty partner, Mr. Lube + Tires, which continues to produce strong growth across the system, generating SSSG6 of 9.5%. DIV’s other variable royalty partners generated mixed results with both Oxford and Mr. Mikes generating positive SSSG in Q1. DIV’s fixed royalty partners, Nurse Next Door, Stratus and BarBurrito made their fixed royalty payments. As previously announced, the deferral of 20% of Sutton’s royalties that began in the fourth quarter of 2024 will continue to the end of 2025, to help Sutton invest in the business, and build on the positive momentum that began in the last quarter. DIV continues to see a decrease in royalty income from AIR MILES® because of the continued softness across the AIR MILES® Rewards Program.”

    1. Adjusted revenue and distributable cash are non-IFRS financial measures, payout ratio is a non-IFRS ratio and weighted average organic royalty growth and Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    First Quarter Results

        Three months ended March 31,  
    (000’s)     2025     2024  
    Mr. Lube + Tires   $ 7,180   $ 6,644  
    Stratusa     2,380     2,130  
    BarBurrito     2,129     2,100  
    Nurse Next Doorb     1,349     1,323  
    Oxford     1,249     1,182  
    Mr. Mikes     1,026     1,016  
    Sutton     899     1,096  
    AIR MILES®     756     892  
    Adjusted revenuec   $ 16,968   $ 16,383  

    a)   Stratus royalty income for the three months ended March 31, 2025, was US$1.7 million, translated at an average foreign exchange rate of $1.4344 to US$1 (March 31, 2024 – US$1.6 million, translated at a foreign exchange rate of $1.3483 to US$1).
    b)   Represents the DIV Royalty Entitlement plus management fees received from Nurse Next Door.
    c)   DIV Royalty Entitlement and adjusted revenue are non-IFRS financial measures and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    In Q1 2025, DIV generated $15.6 million of revenue compared to $15.1 million in Q1 2024. After taking into account the DIV Royalty Entitlement2 (defined below) related to DIV’s royalty arrangements with Nurse Next Door, DIV’s adjusted revenue2 was $17.0 million in Q1 2025, compared to $16.4 million in Q1 2024. Adjusted revenue increased primarily due to positive SSSG2 (defined below) at Mr. Lube + Tires, Oxford and Mr. Mikes, the annual contractual increases at Stratus, Nurse Next Door and BarBurrito, partially offset by lower royalty income from AIR MILES® and Sutton’s 20% royalty deferral, all as discussed in further detail below.

    2. Adjusted revenue and DIV Royalty Entitlement are non-IFRS financial measures and SSSG are supplementary financial measures – see “Non-IFRS Measures” below.

    Royalty Partner Business Updates

    Mr. Lube + Tires: Mr. Lube + Tires generated SSSG3 of 9.5% for the Mr. Lube + Tires stores in the royalty pool for Q1 2025, compared to SSSG of 14.6% in Q1 2024. SSSG in the current period is primarily due to the sustained growth across the Mr. Lube + Tires system.

    3. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    Stratus: Royalty income from SBS Franchising LLC (“Stratus”) was $2.4 million (US$1.7 million translated at an average foreign exchange rate of $1.4344 to US$1.00) for Q1 2025. The fixed royalty payable by Stratus increases each November at a rate of 5% until and including November 2026 and 4% each November thereafter during the term of the license, with the most recent increase effective November 15, 2024.

    Nurse Next Door: The royalty entitlement to DIV (the “DIV Royalty Entitlement4”) from Nurse Next Door Professional Homecare Services Inc. (“Nurse Next Door”) was $1.3 million in Q1 2025. The DIV Royalty Entitlement from Nurse Next Door grows at a fixed rate of 2.0% per annum during the term of the license, with the most recent increase effective October 1, 2024.

    4. DIV Royalty Entitlement is a non-IFRS measure – see “Non-IFRS Measures” below.

    Mr. Mikes: SSSG5 for the Mr. Mikes Restaurants Corporation (“Mr. Mikes”) restaurants in the Mr. Mikes royalty pool was 1.5% in Q1 2025, compared to SSSG of -5.5% in Q1 2024. The higher SSSG percentage in the current period is due to an increase in restaurant guest traffic.

    Royalty income and management fees of $1.0 million were generated from Mr. Mikes for Q1 2025 and 2024, respectively.

    5. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    Oxford: The Oxford Learning Centres, Inc. (“Oxford”) locations in the Oxford royalty pool generated SSSG6 (on a constant currency basis) of 5.5% in Q1 2025, compared to SSSG -2.1% in Q1 2024. Oxford’s positive SSSG for the quarter is due to the solid performance of the Oxford system during the quarter.

    6. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    AIR MILES®: In Q1 2025, royalty income of $0.8 million was generated from the AIR MILES® Licenses compared to $0.9 million generated in Q1 2024, a decrease of 15.2% from the comparable quarter. The decrease is largely due to continued softness in the AIR MILES® Rewards Program.

    Sutton: In Q1 2025, royalty income of $0.9 million was generated from Sutton, which includes a 20% royalty deferral for Q1, 2025, compared to $1.1 million for Q1, 2024. The deferred royalties do not accrue interest and are due in full on December 31, 2027. The fixed royalty payable by Sutton increases at a rate of 2% per year, with the most recent increase effective July 1, 2024.

    BarBurrito: Royalty income from BarBurrito Restaurants Inc. (“BarBurrito”) was $2.1 million for Q1 2025. The royalty payable by BarBurrito initially grows at a fixed rate of 4% per annum each March from and including March 2025 to and including March 2030 and, commencing on January 1, 2031, will fluctuate based on the gross sales of the BarBurrito locations in the royalty pool.

    Distributable Cash and Dividends Declared

    In Q1 2025, distributable cash7 increased to $11.1 million ($0.0666 per share), compared to $9.6 million ($0.0629 per share), in Q1 2024. The increase in distributable cash per share7 for the quarter was primarily due to an increase in distributable cash, partially offset by a higher weighted average number of common shares outstanding7.

    In Q1 2025, the payout ratio7 was 93.8% on dividends of $0.0625 per share, compared to the payout ratio of 97.2% on dividends of $0.0611 per share for the same respective period in 2024. The decrease to the payout ratio was primarily due to higher distributable cash per share7, partially offset by higher dividends declared per share7.

    7. Distributable cash is a non-IFRS financial measure and distributable cash per share and payout ratio are non-IFRS ratios – see “Non-IFRS Measures” below.

    Net Income

    Net income for Q1 2025 was $8.0 million compared to net income of $7.5 million for the three months ended March 31, 2024. The increase in net income in Q1 2025, was primarily due to the higher adjusted revenues8, lower interest expenses and share-based compensation expenses, partially offset by higher salaries and benefits, income tax expenses, and other finance costs.

    8. Adjusted revenue is a non-IFRS financial measure – see “Non-IFRS Measures” below.

    Availability of Annual General Meeting Materials and Leadership Update

    The proxy-related materials for DIV’s upcoming Annual General meeting of shareholders  (the “Meeting”) to be held on Thursday, June 19, 2025 are now available and have been posted under DIV’s profile on SEDAR+ at www.sedarplus.com and on DIV’s website at: https://www.diversifiedroyaltycorp.com/investors/financial-and-regulatory-reports/financial-reports-2025/.

    At the Meeting, shareholders will be asked to: (i) receive the consolidated financial statements of DIV for the fiscal year ended December 31, 2024, together with the report of the auditors thereon, (ii) elect directors of the Corporation for the ensuing year, and (iii) appoint KPMG LLP as auditors of the Corporation for the ensuing year and to authorize the directors of the Corporation to fix their remuneration.

    The Board is pleased to nominate Sean Morrison, our President and Chief Executive Officer, for election to the Board, alongside the current directors. The Board is also pleased to announce the promotion of Greg Gutmanis from Chief Financial Officer and Vice President, Acquisitions, to President and Chief Financial Officer, effective July 1, 2025.

    In his expanded role, Greg will assume greater responsibility for DIV’s day-to-day operations, including oversight of our Royalty Partners’ businesses, identifying and executing new acquisition opportunities, and engaging with DIV’s shareholders and prospective investors. Greg has played a key role in DIV’s growth since its inception. He is widely recognized within Vancouver’s finance community, having received the 2020 BC CFO Award and being named one of Business in Vancouver’s “Top Forty Under 40” in 2017. During his tenure at DIV, Greg has managed approximately $400 million in equity and convertible debenture offerings and over $200 million in senior debt. Prior to joining DIV, he co-managed $165 million across two private equity funds and worked as an investment banker.

    Sean Morrison, stated, “Greg’s promotion to President and Chief Financial Officer is well deserved. I’ve had the pleasure of working with Greg for nearly 20 years in investment banking, private equity, and for the past decade at DIV. Greg is a consummate professional who continues to broaden his expertise and expand his leadership role each year. As continuing CFO and incoming President, I’m confident Greg will continue to grow his responsibilities, and I look forward to working closely with him to deliver value to DIV shareholders.”

    Sean will continue to lead DIV’s strategic direction and overall business as its Chief Executive Officer.

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward-Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intend” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the deferral of Sutton Royalties continuing for the remainder of 2025 to help Sutton invest in the business and build on the positive momentum that began in the last quarter; the terms on which the deferred royalties are required to be paid by Sutton; the promotion of Greg Gutmanis to President and Chief Financial Officer effective July 1, 2025, and that Sean Morrisson will continue to lead DIV’s strategic direction and overall business as Chief Executive Officer; details of DIV’s upcoming Annual General Meeting; DIV’s intention to pay monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular, risks and uncertainties include: DIV’s royalty partners may not make their respective royalty payments to DIV, in whole or in part; the decline in royalties received under the AIR MILES® licenses could cause AM Royalties Limited Partnership (“AM LP”) to be required to make partial or full repayment of the outstanding principal amount under its credit agreement, or cause AM LP to be in default under its credit agreement; current positive trends being experienced by certain of DIV’s royalty partners (and their respective franchisees) may not continue and may regress, and negative trends experienced by certain of DIV’s Royalty Partners (including their respective franchisees) may continue and may regress; Sutton may not pay all deferred royalties in accordance with the timing required or at all; Sutton’s investment of the deferred royalties may not achieve their intended effects; Sutton may require further deferrals of royalties beyond those contemplated by the current deferral agreement; DIV and its royalty partners performance in the remainder of 2025 may not meet management’s expectations; DIV may not be able to make monthly dividend payments to the holders of its common shares; dividends are not guaranteed and may be reduced, suspended or terminated at any time; or DIV may not achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release is not a guarantee of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in DIV’s management’s discussion and analysis for the three months ended March 31, 2025, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

    In formulating the forward-looking information contained herein, management has assumed that DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; lenders will provide any other necessary covenant waivers to DIV and its royalty partners; the performance of DIV’s royalty partners will be consistent with DIV’s and its royalty partners’ respective expectations; recent positive trends for certain of DIV’s royalty partners (including their respective franchisees) will continue and not regress; current negative trends experienced by certain of DIV’s royalty partners (including their respective franchisees) will not materially regress; Sutton will pay all deferred royalties in accordance with the required timing in full and will not require further deferrals; Sutton’s investment of the deferred royalties will achieve its intended effects; the businesses of DIV’s respective royalty partners will not suffer any material adverse effect; and the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    All of the forward-looking information in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that it will have the expected consequences to, or effects on, DIV. The forward-looking information in this news release is made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    Non-IFRS Measures

    Management believes that disclosing certain non-IFRS financial measures, non-IFRS ratios and supplementary financial measures provides readers with important information regarding the Corporation’s financial performance and its ability to pay dividends and the performance of its royalty partners. By considering these measures in combination with the most closely comparable IFRS measure, management believes that investors are provided with additional and more useful information about the Corporation and its royalty partners than investors would have if they simply considered IFRS measures alone. The non-IFRS financial measures, non-IFRS ratios and supplementary financial measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS measures should not be construed as a substitute or an alternative to net income or cash flows from operating activities as determined in accordance with IFRS.

    “Adjusted revenue”, “adjusted royalty income”, “DIV Royalty Entitlement” and “distributable cash” are used as non-IFRS financial measures in this news release.

    Adjusted revenue is calculated as royalty income plus DIV Royalty Entitlement and management fees. The following table reconciles adjusted revenue and adjusted royalty income to royalty income, the most directly comparable IFRS measure disclosed in the financial statements:

        Three months ended March 31,  
    (000’s)     2025     2024  
    Mr. Lube + Tires   $ 7,120   $ 6,585  
    Stratus     2,380     2,130  
    BarBurrito     2,108     2,080  
    Oxford     1,238     1,172  
    Mr. Mikes     1,015     1,006  
    Sutton     871     1,068  
    AIR MILES®     756     892  
    Royalty income   $ 15,488   $ 14,933  
    DIV Royalty Entitlement     1,329     1,303  
    Adjusted royalty income   $ 16,817   $ 16,236  
    Management fees     151     147  
    Adjusted revenue   $ 16,968   $ 16,383  
               

    For further details with respect to adjusted revenue and adjusted royalty income, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

    The most closely comparable IFRS measure to DIV Royalty Entitlement is “distributions received from NND LP”. DIV Royalty Entitlement is calculated as distributions received from NND LP, before any deduction for expenses incurred by NND Holdings Limited Partnership (“NND LP”), which expenses include legal, audit, tax and advisory services. Note that distributions received from NND LP is derived from the royalty paid by Nurse Next Door to NND LP. The following table reconciles DIV Royalty Entitlement to distributions received from NND LP in the financial statements:

        Three months ended March 31,  
    (000’s)     2025     2024  
    Distributions received from NND LP   $ 1,325   $ 1,300  
    Add: NND Royalties LP expenses     4     3  
    DIV Royalty Entitlement     1,329     1,303  
           
    Less: NND Royalties LP expenses     (4 )   (3 )
    DIV Royalty Entitlement, net of NND Royalties LP expenses   $ 1,325   $ 1,300  
           

    For further details with respect to DIV Royalty Entitlement, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

    The following table reconciles distributable cash to cash flows generated from operating activities, the most directly comparable IFRS measure disclosed in the financial statements:

        Three months ended March 31,  
    (000’s)     2025     2024  
           
    Cash flows generated from operating activities   $ 10,160   $ 10,850  
           
    Current tax expense     (1,719 )   (1,291 )
    Accrued interest on convertible debentures     (788 )   (788 )
    Accrued interest on bank loans     (374 )   –  
    Distributions on MRM units earned in current periods     (48 )   (41 )
    Mandatory principal payments on credit facilities     –     (628 )
    Payment of lease obligations     (28 )   (27 )
    NND LP expenses     (4 )   (3 )
    Accrued DIV Royalty Entitlement, net of distributions     4     3  
    Foreign exchange and other     49     42  
    Changes in working capital     850     263  
    Taxes paid     3,036     1,498  
    Note receivable     –     (305 )
    Distributable cash   $ 11,138   $ 9,573  


    For further details with respect to distributable cash, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at     www.sedarplus.com.

    “Distributable cash per share” and “payout ratio” are non-IFRS ratios that do not have a standardized meaning prescribed by IFRS, and therefore may not be comparable to similar ratios presented by other issuers. Distributable cash per share is defined as distributable cash, a non-IFRS measure, divided by the weighted average number of common shares outstanding during the period. The payout ratio is calculated by dividing the dividends per share during the period by the distributable cash per share, a non-IFRS measure, generated in that period. For further details, refer to the subsection entitled “Non-IFRS Ratios” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

    “Weighted average organic royalty growth” is the average same store sales growth percentage related to Mr. Lube + Tires, Oxford and Mr. Mikes plus the average increase in adjusted royalty income from AIR MILES®, Sutton (less 20% deferral in Q1, 2025), Nurse Next Door, BarBurrito and Stratus over the prior comparable period taking into account the percentage weighting of each royalty partner’s adjusted royalty income in proportion of the total adjusted royalty income for the period. Weighted average organic royalty growth is a supplementary financial measure and does not have a standardized meaning prescribed by IFRS. However, the Corporation believes that weighted average organic royalty growth is a useful measure as it provides investors with an indication of the change in year-over-year growth of each royalty partner, taking into account the percentage weighting of royalty partner’s growth in proportion of total growth, as applicable. The Corporation’s method of calculating weighted average organic royalty growth may differ from those of other issuers or companies and, accordingly, weighted average organic royalty growth may not be comparable to similar measures used by other issuers or companies.

    “Same store sales growth” or “SSSG” and “system sales” are supplementary financial measures and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. SSSG and system sales figures are reported to DIV by its Royalty Partners – see “Third Party Information”. For further details, refer to the subsection entitled “Supplementary Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

    Third Party Information

    This news release includes information obtained from third party company filings and reports and other publicly available sources as well as financial statements and other reports provided to DIV by its royalty partners. Although DIV believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. DIV has not independently verified any of the information from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    The information in this news release should be read in conjunction with DIV’s consolidated financial statements and management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2025, which are available on SEDAR+ at www.sedarplus.com.

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network –

  • MIL-OSI: Quorum Announces Q1 2025 Results Release Date, Conference Call and Webcast Details

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (TSX-V: QIS) (“Quorum”), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, intends to release its Q1 2025 Results after markets close on Wednesday, May 28, 2025.

    Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q1 2025 Results at a conference call with concurrent audio webcast, scheduled for:

    An updated Investor Presentation, replay of the results conference call, and transcripts of the conference call, will also be available at www.QuorumInformationSystems.com.    

    About Quorum Information Technologies Inc.

    Quorum is a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, including:

    • Quorum’s Dealership Management System (DMS), which automates, integrates, and streamlines key processes across departments in a dealership, and emphasizes revenue generation and customer satisfaction.
    • DealerMine CRM, a sales and service Customer Relationship Management (“CRM”) system and set of Business Development Centre services that drives revenue into the critical sales and service departments in a dealership.
    • Autovance, a modern retailing platform that helps dealerships attract more business through Digital Retailing, improve in-store profits and closing rates through its desking tool and maximize their efficiency and CSI through Autovance’s F&I menu solution.
    • Accessible Accessories, a digital retailing platform that allows franchised dealerships to efficiently increase their vehicle accessories revenue. 
    • VINN Automotive, a premier automotive marketplace that streamlines the vehicle research and purchase process for vehicle shoppers while helping retailers sell more efficiently.

    Contacts:

    Maury Marks
    President and Chief Executive Officer
    403-777-0036
    Maury.Marks@QuorumInfoTech.com

    Marilyn Bown
    Chief Financial Officer
    403-777-0036
    Marilyn.Bown@QuorumInfoTech.com

    Forward-Looking Information

    This press release may contain certain forward-looking statements and forward-looking information (“forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. Quorum believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

    Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information.

    Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.

    PDF available: http://ml.globenewswire.com/Resource/Download/b7f813fa-c74c-4591-b7a0-4c0d3d83a020

    The MIL Network –

  • MIL-OSI: Stardust Power Announces Q1 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., May 14, 2025 (GLOBE NEWSWIRE) — Stardust Power Inc. (“Stardust Power” or the “Company”) (Nasdaq: SDST), an American developer of battery-grade lithium products, today announced its results for the first quarter ended March 31, 2025.  

    First Quarter 2025 Business Updates and Subsequent Events

    Operational highlights for the first quarter of 2025 include:

    • Confirmed with Oklahoma regulators the Muskogee facility will not require an industrial wastewater permit thanks to its closed-loop water system that eliminates discharge and reduces local water use.
    • Executed a key service agreement with Oklahoma Gas and Electric to develop a dedicated substation at the Muskogee refinery site, securing up to 40MW of scalable power and enabling critical pre-construction activities ahead of Final Investment Decision.
    • Appointed Carlos Urquiaga as Senior Advisor to advise on capital-raising efforts; with over $40 billion in transaction experience across top institutions, he brings deep expertise in metals and mining finance to support our path toward Final Investment Decision.

    Roshan Pujari, Founder and CEO of Stardust Power, commented on the Company’s Q1 performance, “Despite ongoing macroeconomic volatility and global market uncertainty, Q1 was a quarter of focused execution for Stardust Power. We continue to advance steadily toward Final Investment Decision, supported by strategic progress across permitting, engineering, and financing. With lithium’s long-term outlook growing stronger, we remain committed to seizing this generational opportunity and building a scalable, U.S.-based refining platform aligned with national critical mineral and supply chain priorities.”

    First Quarter Financial Highlights

    As of March 31, 2025, we had cash and cash equivalents of approximately $1.6 million. As of March 31, 2025, we had zero long term debt. Other financial highlights include:

    • Net Loss of $3.8 million for the first quarter of 2025, compared to $1.4 million for the prior year quarter ended March 31, 2024.
    • Loss per share was $(0.07) for the first quarter of 2025, compared to $(0.04) for the prior year quarter, the increase being driven primarily by higher general and administrative costs due to personnel related costs and finance charges for short term loans.
    • Net cash used in operating activities totaled $2.9 million for the first quarter of 2025, compared to $0.9 million for the prior year quarter, the increase driven by continued investment in operations, hiring of key talent and certain expenses related to the close of the Business Combination.
    • Net cash used in investing activities was $1.0 million for the first quarter of 2025, compared to $3 thousand for the prior year quarter, driven by our initial capital investments made in the anticipated building of the refinery.
    • Net cash provided by financing activities was $4.5 million for the first quarter of 2025, compared to $54 thousand for the prior year quarter. The increase was driven primarily by $8.0 million in cash received from public offering and warrant inducements, net of offering cost, offset partially by $3.7 million repayment of short-term loans.

    Conference Call Details

    Stardust Power will host a conference call to discuss the results today, May 14, 2025, at 5:30pm EST. Participants may access the call by clicking the participant call link and ask questions:
    https://register-conf.media-server.com/register/BI0aeb48ba9a8d4f1b93ee2ec5a2bf0886

    Upon registering at the link you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. You can also access the call via live audio webcast using the website link to listen in:
    https://edge.media-server.com/mmc/p/98ca9vd3

    The earnings call will be available on the Company website following the event.

    About Stardust Power 

    Stardust Power is a developer of battery-grade lithium products designed to bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium processing facility in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.”

    For more information, visit www.stardust-power.com 

    Cautionary Statement Regarding Forward-Looking Statements 

    This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.  

    These forward-looking statements are subject to a number of risks and uncertainties, including the ability of Stardust Power to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the price of Stardust Power’s securities, including volatility resulting from recent sales of securities, issuance of debt, and exercise of warrants, changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power’s business and changes in the combined capital structure; the regulatory environment and our ability to obtain necessary permits and other governmental approvals for our operation; Stardust Power’s need for substantial additional financing to execute our business plan and our ability to access capital and the financial markets; worldwide growth in the adoption and use of lithium products; the Company’s ability to enter into and realize the anticipated benefits of offtake and license and other commercial agreements; risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; the substantial doubt regarding the Company’s ability to continue as a going concern and the need to raise capital in the near term in order to maintain the Company’s operations; the Company’s continued listing on the Nasdaq; and those factors described or referenced in filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 27, 2025. The foregoing list of factors is not exhaustive. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change. 

    We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement. 

    Stardust Power Contacts 

    For Investors: 

    Johanna Gonzalez 
    investor.relations@stardust-power.com 

    For Media: 

    Michael Thompson 

    media@stardust-power.com 

    The MIL Network –

  • MIL-OSI: MATTR Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) reported today its operational and financial results for the three months ended March 31, 2025. This press release should be read in conjunction with the Company’s Management Discussion and Analysis (“MD&A”) and interim consolidated financial statements for the three months ended March 31, 2025, which are available on the Company’s website and at www.sedarplus.com.

    Highlights include1:

    • On January 2, 2025, the Company completed its acquisition of AmerCable® Incorporated (“AmerCable”), a U.S. manufacturer of highly engineered wire and cable solutions for the net purchase price of US$283 million, equivalent to approximately CAD $407 million based on the USD-CAD exchange rate as of December 31, 2024 which includes the contractual purchase price, initial working capital adjustments, and US$19.3 million of cash in the business. This transaction is still subject to final net working capital adjustments. AmerCable is now reported under the Company’s Connection Technologies segment;
    • On a consolidated basis (including Continuing Operations and Discontinued Operations), Mattr reported revenue of $343 million, net income of $53 million, Adjusted EBITDA2 of $54 million, diluted Earnings Per Share (“EPS”) of 0.84 and diluted Adjusted EPS2 of $0.34. Results are inclusive of Modernization, Expansion and Optimization (“MEO”)2 costs of $2.7 million incurred during the quarter;
    • During the first quarter of 2025, Mattr’s Continuing Operations (including AmerCable) delivered revenue of $320 million, operating income of $18 million and Adjusted EBITDA of $47 million, an 80% increase compared to the first quarter of 2024;
    • The Connection Technologies segment’s first quarter revenue increased by 106% to $187 million compared to $91 million in the prior year’s quarter. Operating income increased by 24% to $18 million compared to $15 million in the prior year’s quarter and Adjusted EBITDA from the segment was $30 million, a 73% increase compared to the first quarter of 2024;
    • The Composite Technologies segment’s first quarter revenue increased by 11% to $133 million compared to $119 million in the prior year’s quarter. Operating income increased by 219% to $13 million compared to $4 million in the prior year’s quarter and Adjusted EBITDA from the segment was $21 million, a 40% increase compared to the first quarter of 2024;
    • During the first quarter of 2025, Discontinued Operations generated revenue of $23 million, operating income of $7 million and Adjusted EBITDA of $7 million; and
    • During the first quarter of 2025, the Company committed $11.6 million to new capital expenditures while outlaying approximately $24.1 million in cash, including previously accrued amounts, to support long-term growth in its Composite Technologies and Connection Technologies segments. The Company also repurchased approximately 1.0 million of its common shares for a total repurchase price of $11 million under its normal course issuer bid (“NCIB”). Subsequent to the quarter and as of April 30, 2025, the Company has repurchased 313,800 shares for an aggregate repurchase price of approximately $3.0 million.

    ______________________________
    1. The Company’s consolidated financial statements for the three months ended March 31, 2025, report Continuing Operations as the Company’s Composite Technologies and Connection Technologies reporting segments and Financial and Corporate. Discontinued Operations include Company’s Thermotite business, its final remaining pipe coating business. Total consolidated figures include figures from both Continuing Operations and Discontinued Operations
    2. Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted EPS are non-GAAP measures. MEO costs is a supplementary financial measure. Non-GAAP measures and supplementary financial measures do not have standardized meanings prescribed by GAAP and are not necessarily comparable to similar measures provided by other companies. See “Section 5.0 – Reconciliation of Non-GAAP Measures” for further details and a reconciliation of these non-GAAP measures.

    “The first quarter of 2025 saw Mattr leverage its unique product portfolio to deliver strong business performance despite geopolitically driven uncertainty across many end markets,” said Mike Reeves, Mattr’s President & CEO. “With customer adoption of recently released technologies accelerating, robust performance from AmerCable in its first quarter as a Mattr brand, and newly established manufacturing facilities operating at improved levels of efficiency, Q1 saw meaningful year-over-year expansion of both revenue and Adjusted EBITDA generation within both operating segments.”

    “Mattr benefitted modestly during the first quarter from acceleration of purchasing decisions by some customers ahead of early April US tariff announcements.  While Mattr’s own USMCA compliant products were not directly impacted by these announcements, the uncertain outlook for global trade and macro-economic conditions has undoubtedly impacted customer confidence across much of the critical infrastructure landscape. Consequently, the Company currently expects demand for its products during the second quarter of 2025, and likely beyond, will be unfavorably impacted.  While the full year business impact remains unclear, we currently anticipate the second quarter of 2025 will see Mattr’s revenue and Adjusted EBITDA move lower sequentially.”

    Mr. Reeves continued, “While the Company cannot control the business environment within which it operates, in recent history the talented teams across our organization have proven nimble, resilient and cost-conscious in the face of challenging conditions.  As demonstrated by our first quarter performance, Mattr’s technology driven products, differentiated positioning in key markets, strong customer value proposition and rebalanced, modernized manufacturing footprint create the opportunity for market outperformance, regardless of prevailing conditions.”

    Mr. Reeves concluded, “Our hard-earned balance sheet strength enables Mattr to navigate market uncertainties with confidence, remaining committed to technology development, to enhancing cost and operational efficiency across the organization, to extracting commercial synergies from our newly expanded wire and cable portfolio and to creating long-term value for our shareholders, including via additional accretive acquisitions and the continued repurchase of shares under our NCIB.”

    Selected Financial Highlights    
           
        Three Months Ended
        March 31,
        2025   2024    
      (in thousands of Canadian dollars, except per share amounts and percentages) $ % $   %
      Revenue 320,120   210,039    
      Gross Profit 83,618 26% 59,768   28%
      Operating Income from Continuing Operations (a) 18,441 6% 4,029   2%
      Net Income (Loss) from Continuing Operations 48,069   (2,145 )  
      Net Income (Loss) from Discontinued Operations 4,657   (3,494 )  
      Net Income (Loss) for the period 52,726   (5,639 )  
      Earnings per share:          
      Basic 0.84   (0.09 )  
      Diluted 0.84   (0.09 )  
      Adjusted EBITDA from Continuing Operations (b) 46,554 15% 25,827   12%
      Adjusted EBITDA from Discontinued Operations (b) 7,477 32% 4,242   29%
      Total Consolidated Adjusted EBITDA from Operations (b) 54,031 16% 30,069   13%
      Total Consolidated Adjusted EPS from Operations (b)          
      Basic 0.34   0.16    
      Diluted 0.34   0.16    
    (a) Operating income for the three months ended March 31, 2025, includes no restructuring costs and other net, while operating loss for the three months ended March 31, 2024, includes $3.2 million restructuring costs and other net.
    (b) Adjusted EBITDA, adjusted EBITDA margins and Adjusted EPS are non-GAAP measures. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See “Section 5.0 – Reconciliation of Non-GAAP Measures” for further details and a reconciliation of these non-GAAP measures.
       

    1.0 FIRST QUARTER HIGHLIGHTS

    On January 2, 2025, the Company, through its subsidiary, successfully completed the acquisition of AmerCable, a U.S.-based manufacturer of highly engineered wire and cable solutions, from Nexans USA Inc. AmerCable has been incorporated into Mattr’s Connection Technologies segment, which is now the largest segment in its portfolio. The Company paid US$283 million, equivalent to approximately CAD $407 million based on the USD-CAD exchange rate as of December 31, 2024 which includes the contractual purchase price, initial working capital adjustments, and US$19.3 million of cash in the business. The final working capital adjustment is anticipated to be completed during the second half of the year.

    During the first quarter of 2025, the Company delivered $320.1 million in revenue from Continuing Operations, a $110.1 million or a 52.4% increase from the same quarter of 2024. The Company’s operating income from Continuing Operations in the first quarter of 2025 was $18.4 million, an increase of $14.4 million, or 357.7%, compared to the first quarter of 2024. Adjusted EBITDA from Continuing Operations was $46.6 million during the first quarter of 2025, an increase of $20.7 million, or 80.3%, compared to the first quarter of 2024. These favorable movements as compared to the prior year period were driven by the addition of AmerCable and strong performance across most business lines, despite the economic uncertainties arising from tariff announcements.

    The first quarter of 2025 results include $9.5 million in costs associated with the acquisition of AmerCable including the impact of $4.2 million of costs related to the non-cash inventory fair value adjustment, which was part of AmerCable purchase price allocation accounting. The Company’s financial results in the first quarter of 2025 also include the impact of $2.7 million in MEO costs related to the Company’s ongoing MEO strategy and is similar to the $2.7 million of MEO costs recorded in the first quarter of 2024. Additionally, the Company recorded a recovery of $2.2 million in share-based incentive compensation against operating income from Continuing Operations during the first quarter of 2025 driven by the change in the Company’s share price. Comparatively, operating income from Continuing Operations in the prior year’s first quarter included an expense of $7.6 million in share-based incentive compensation.

    As at March 31, 2025, the Company had cash and cash equivalents totaling $52.7 million, a decrease from $502.5 million as at December 31, 2024 which included restricted cash. The decrease in cash compared to the year-end 2024 was largely attributable to closing and funding the AmerCable acquisition during the quarter.

    Selected Segment Financial Highlights        
             
        Three Months Ended
        March 31,
        2025       2024    
      (in thousands of Canadian dollars) $     % $   %
      Revenue              
      Connection Technologies 187,346       90,757    
      Composite Technologies 132,774       119,282    
      Revenue from Continuing Operations 320,120       210,039    
      Revenue from Discontinued Operations 23,301       14,422    
      Operating Income (Loss)              
      Connection Technologies 18,041     10% 14,543   16%
      Composite Technologies 12,807     10% 4,017   3%
      Financial and Corporate (12,407 )     (14,531 )  
      Operating Income from Continuing Operations 18,441       4,029    
      Operating Income from Discontinued Operations 7,493       3,696    
      Adjusted EBITDA (a)              
      Connection Technologies 30,461     16% 17,617   19%
      Composite Technologies 21,038     16% 15,008   13%
      Financial and Corporate (4,945 )     (6,798 )  
      Adjusted EBITDA from Continuing Operations (a) 46,554     15% 25,827   12%
      Adjusted EBITDA from Discontinued Operations (a) 7,477     32% 4,242   29%
    a) Adjusted EBITDA is non-GAAP measures. Non-GAAP measures do not have standardized meanings under GAAP and are not necessarily comparable to similar measures provided by other companies. See “Section 5.0 – Reconciliation of Non-GAAP Measures” for further details and a reconciliation of these non-GAAP measures.
       

    The Connection Technologies segment now includes the Company’s Shawflex, AmerCable and DSG-Canusa business lines, and delivered revenue of $187.3 million in the first quarter of 2025, a new first quarter record and an increase of $96.6 million when compared to the first quarter of 2024. Its operating income in the first quarter of 2025 was $18.0 million compared to $14.5 million in the first quarter of 2024. The segment delivered Adjusted EBITDA of $30.5 million during the first quarter of 2025, a $12.8 million increase versus the prior year quarter. This was the first quarter the Company’s business included AmerCable’s financial results, which significantly contributed to the increased financial performance in the Connection Technologies segment as compared to the first quarter of 2024. The AmerCable business line contributed strong performance across its end markets in the first quarter of 2025, particularly the mining sector. The Connection Technologies segment results include a $4.2 million impact from non-cash inventory fair value adjustment as part of AmerCable purchase price allocation accounting, which is added back for Adjusted EBITDA purposes. The segment successfully completed all expected first-quarter AmerCable business onboarding activities.

    Consolidated revenue generation in the segment’s wire and cable businesses (Shawflex and AmerCable) was strongly favorable compared to the prior year, driven primarily by increases in the mining, energy and industrial sectors, partially offset by weaker sales into infrastructure applications, driven by customer project timing.

    DSG-Canusa revenue increased marginally compared to the prior year period, primarily driven by higher sales into automotive end markets in North America as the Company gained market share despite a backdrop of reduced global automotive production during the quarter.

    Year-over-year increases in segment operating income and Adjusted EBITDA were primarily driven by the addition of AmerCable, partially offset by $2.7 million of non-capitalizable MEO costs associated with the bifurcation and relocation of its North American footprint. This compares to $0.4 million of MEO cost recognized in the prior year period.

    The Composite Technologies segment contains the Company’s Flexpipe® and Xerxes® business lines and delivered revenue of $132.8 million in the first quarter of 2025, an increase of $13.5 million, or 11.3%, compared to the first quarter of 2024. Operating income for the segment in the first quarter of 2025 was $12.8 million, an $8.8 million increase from the $4.0 million reported in the first quarter of 2024.

    North American Flexpipe revenue increased compared to the same period in the prior year, despite significantly reduced North American completion activity, as the Company continued to secure new customers and further penetrate the large diameter product market. The business also benefitted from some customers accelerating purchases ahead of potential tariff announcements. International revenue was lower year-over-year, primarily due to the timing of orders and deliveries, with the prior-year period benefiting from a significant shipment to the Middle East.

    Within Xerxes, first-quarter revenue exceeded the prior-year period, primarily driven by increased sales of Fiberglass Reinforced Plastic (FRP) tanks for retail fuel applications and Hydrochain products for storm water management applications.

    Adjusted EBITDA for the Composite Technologies segment in the first quarter of 2025 was $21.0 million, an increase of $6.0 million from the $15.0 million reported in the first quarter of 2024. This increase was primarily driven by higher gross profit resulting from increased revenue. This was partially offset by a slight decline in gross margin, reflecting a change in product mix and increased freight expenses associated with pre-emptive relocation of inventory into the U.S. to mitigate potential tariff impacts. The segment did not incur any non-capitalizable MEO costs in the first quarter of 2025, as the new production facilities for Flexpipe and Xerxes were fully set up and operational, compared to $2.3 million of MEO costs incurred during the first quarter of 2024 for the setup of these production sites.

    Discontinued Operations generated revenue of $23.3 million and $7.5 million of Adjusted EBITDA during the first quarter of 2025 compared to $14.4 million in revenue and $4.2 million of Adjusted EBITDA during the first quarter of 2024.

    2.0 OUTLOOK

    The Company acknowledges that extreme uncertainty exists regarding the magnitude and duration of tariffs impacting the movement of goods between the US and other countries, and the business and economic consequences arising from such tariffs. The Company currently manufactures products in the US and/or Canada that are sold cross-border in all of its business units and imports raw materials and component parts for the production of its products. The Company also sources raw materials from other countries that are currently subject to or may in the future become subject to tariffs by the United States government. The Company continues to diversify its supply chain and has secured sources based in several different countries for a majority of its raw material needs. The Company remains vigilant and prepared to take additional mitigation actions as needed, including raising the selling prices of its products where necessary and permitted under its contractual arrangements. The related economic uncertainty may also cause customers to pause or cancel investment decisions, which could impact overall near-term demand for the Company’s products in certain end markets. The outlook below includes the Company’s current visibility of the potential impact of tariffs. Despite near and medium term geopolitical and macroeconomic challenges, the Company remains positive on the long-term outlook and macro drivers for its products.

    • The Company has largely completed its disposition of non-core assets and the modernization, expansion and optimization of its North American production network, with the remaining sale of its Brazilian pipe coating business expected to close around mid 2025 and the relocation of its Shawflex manufacturing site expected to be completed at the end of the second quarter of 2025.  MEO costs are expected to be $5 to $7 million in the second quarter and will mark the completion of the MEO expense recognition program by the Company. Consequently, over the course of 2025, Mattr is expected to return to more normalized operations, with a primary focus on delivering value from its restructured operational footprint while also ensuring full integration and optimization of AmerCable following its acquisition.
    • The Company currently anticipates revenue and Adjusted EBITDA from Continuing Operations in the second quarter of the year to fall below the first quarter of 2025, including the recognition of MEO costs during the second quarter within its Connection Technologies segment. The Company observed some accelerated customer purchasing activity during the first quarter – primarily in its Flexpipe business – as a result of tariff uncertainty, and amid this uncertainty, the Company currently anticipates some customer purchasing decisions in the second quarter and beyond may be delayed or reduced.
    • The Company currently anticipates sales from its Xerxes fuel and water products in the second quarter of 2025 will rise modestly compared to the first quarter as conditions become more favorable for underground installation activity. Production efficiency from the business’s recently established South Carolina site is expected to evolve favorably over the remainder of 2025.
    • The Company currently anticipates sales of its Flexpipe products in the second quarter of 2025 will be lower than the first quarter, as modestly higher international shipments and continued North American market share gains are likely offset by further reductions in North American completion activity, driven by tariff uncertainty and lower oil prices. Production efficiency from the business’s recently established Texas site is expected to evolve favorably over the remainder of 2025.
    • The Company currently anticipates sales of its DSG-Canusa products in the second quarter of 2025 will be similar to the first quarter, as lower activity from its automotive customers is expected to be offset by new customer capture and new product introduction. The production efficiency from the business’s recently established Ohio site is expected to evolve favorably over the remaining course of 2025.
    • The Company currently anticipates sales of Shawflex and AmerCable wire and cable products in the second quarter of 2025 will decline compared to the first quarter, driven primarily by lower deliveries into specific industrial, mining and energy applications, partially offset by higher deliveries into infrastructure applications. The timing of specific deliveries within the AmerCable business drove a particularly strong result during the first quarter, which is still expected to be the strongest quarter of 2025 for this business. Copper price volatility has also increased since the start of the year and is being closely monitored to ensure the impacts arising from any rapid movements are minimized.
    • The Company has successfully leveraged Shawflex resources to secure early confirmation of US and Canadian customer appetite to utilize AmerCable’s medium voltage products in specific industrial applications and continues to anticipate initial, modest benefits from these expected industrial sector commercial synergies will commence in the second half of 2025. Key AmerCable related factors impacting Connection Technology segment results to date, and going forward, include:
      • The Company incurred approximately $1 million of non-routine onboarding expenses related to the acquisition of AmerCable in the first quarter, and expects additional expenses of up to $4 million over the remainder of 2025. These costs are added back for the calculation of  Adjusted EBITDA.
      • The revaluation of AmerCable’s inventory to fair value as part of the purchase price allocation accounting is expected to temporarily lower gross margins in the first half of the year as the inventory is sold. These costs are added back for the calculation of  Adjusted EBITDA.
      • The recognition of intangible assets, including goodwill, customer relationships and trade names as part of the AmerCable purchase price allocation accounting and the corresponding amortization of these assets will impact reported earnings. However, these are non-cash expenses and do not impact the Company’s underlying operational performance or cash flow.
    • While the Company expects to maintain its “all of the above” approach to capital allocation, with the acquisition of AmerCable and the majority of its large organic MEO projects completed, the Company’s capital deployment in 2025 is expected to focus more heavily on debt repayment and activity under its NCIB.  The Company currently anticipates total full year capital expenditures will be $60-$70 million, with approximately $15 million of such amount allocated to maintenance capital, and the remaining amounts allocated to growth projects, including completion of the remaining MEO projects. Given the elevated geopolitical uncertainty, the Company continues to evaluate market conditions and remains prepared to adjust its capital program and spend as needed.
    • The Company has moved above its normal net-debt-to-Adjusted EBITDA ratio target of 2.0 times, including leases, as a result of its acquisition of AmerCable. Through prioritization of debt repayment, the Company currently expects to move back below its normal target ratio within 12 to 18 months of the acquisition date.

    3.0 CONFERENCE CALL AND ADDITIONAL INFORMATION

    Mattr will be hosting a Shareholder and Analyst Conference Call and Webcast on Thursday, May 15th, 2025 at 9:00 AM ET, which will discuss the Company’s First Quarter 2025 Financial Results. To participate via telephone, please register at https://register-conf.media-server.com/register/BI28b49f607d3649d1b1fc5343ae8247b0 and a telephone number and pin will be provided.

    Alternatively, please go to the following website address to participate via webcast: https://edge.media-server.com/mmc/p/gd2jsma9. The webcast recording will be available within 24 hours of the live presentation and will be accessible for 90 days.

    About Mattr

    Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. The Company operates through a network of fixed manufacturing facilities. Its two business segments, Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure.

    For further information, please contact:

    Meghan MacEachern
    VP, Investor Relations & External Communications
    Tel: 437-341-1848
    Email: meghan.maceachern@mattr.com
    Website: www.mattr.com

    Source: Mattr Corp.
    Mattr.ER

    4.0 FORWARD-LOOKING INFORMATION

    This news release includes certain statements that reflect management’s expectations and objectives for the Company’s future performance, opportunities and growth, which statements constitute “forward-looking information” and “forward-looking statements” (collectively “forward-looking information”) under applicable securities laws. Such statements, other than statements of historical fact, are predictive in nature or depend on future events or conditions. Forward-looking information involves estimates, assumptions, judgements and uncertainties. These statements may be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “anticipate”, “expect”, “believe”, “predict”, “estimate”, “continue”, “intend”, “plan” and variations of these words or other similar expressions.

    Specifically, this news release includes forward-looking in-formation in the Outlook Section and elsewhere in respect of, among other things: the ability of the Company to deliver higher returns to all shareholders; the Company’s ability to deliver customer and shareholder value expansion; the expected timing for the closing of the sale of Thermotite; the gross sale proceeds of the sale of Thermotite; the anticipated timing for the final working capital adjustment for the AmerCable acquisition; the expected timing of the relocation of the Shawflex manufacturing site; the expected amount of MEO costs to be incurred in the second quarter of 2025; the expected completion of the MEO expense recognition program; the return to more normalized operations in the remainder of 2025; the decline in consolidated revenue and Adjusted EBITDA in the second quarter of 2025; the anticipated customer purchasing decisions in the second quarter of 2025 and beyond; the impact of tariffs implemented by the U.S. administration, including on the demand for the Company’s products in the second quarter of 2025 and beyond; increased sales from Xerxes fuel and water products in the second quarter of 2025; sales of Flexpipe products in the second quarter of 2025; the volume of sales of Shawflex, AmerCable and DSG-Canusa products in the second quarter of 2025; the impact of new DSG-Canusa product introduction; the impact of lower activity of automotive customers; the level of efficiency in the Company’s recently established production facilities, including the Xerxes South Carolina facility, the Flexpipe Texas facility, and the DSG-Canusa Ohio facility; the Company’s approach to capital allocation and expected capital deployment, including debt repayment and activity under the Company’s normal course issuer bid (“NCIB”).

    Forward-looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those predicted by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information as a number of factors could cause actual events, results and prospects to differ materially from those expressed in or implied by the forward-looking information. Significant risks facing the Company include but are not limited to the risks and uncertainties described in the Company’s Management’s Discussion and Analysis under “Risks and Uncertainties” and in the Company’s Annual Information Form (“AIF”) under “Risk Factors”.

    These statements of forward-looking information are based on assumptions, estimates and analysis made by management in light of its experience and perception of trends, current conditions and expected developments as well as other factors believed to be reasonable and relevant in the circumstances. These assumptions include those in respect of: the scale and duration of North American trade tariffs; expectations for demand for the Company’s products; sales trends for the Company’s products; North American onshore oilfield customer spending; the Company’s ability to increase efficiency in its newly established manufacturing facilities; the effectiveness of modernization, expansion and optimization efforts; the Company’s cash flow generation and growth outlook; activity levels across the Company’s business segments; the Company’s ability to manage supply chain disruptions and other business impacts caused by, among other things, current or future geopolitical events, conflicts, or disruptions, such as the conflict in Ukraine and related sanctions on Russia; the impact of the Russia and Ukraine conflict on the Company’s demand for products and the strength of its and its customers supply chains; the current Israel-Palestine conflict; the impact of changing interest rates and levels of inflation; regular, seasonal impacts on the Company’s businesses, including in the fiberglass reinforced plastic (“FRP”) tanks business and composite pipe business; expectations regarding the Company’s ability to attract new customers and develop and maintain relationships with existing customers; the continued availability of funding required to meet the Company’s anticipated operating and capital expenditure requirements over time; consistent competitive intensity in the business in which the Company operates; no significant or unexpected legal or regulatory developments, other shifts in economic conditions, or macro changes in the competitive environment affecting the Company’s business activities; key interest rates remaining relatively stable through the remainder of 2025; the accuracy of the forecast data from the Company’s North American convenience store customers; the accuracy of market indicators in determining industry health for AmerCable’s products, such as commodity prices, housing starts, and GDP; the impact of federal stimulus packages in the Connection Technologies reporting segment; heightened demand for electric and hybrid vehicles and for electronic content within those vehicles particularly in the Asia Pacific, Europe and Africa regions; heightened infrastructure spending in Canada, including in respect of commercial and municipal water projects, nuclear plant refurbishment and upgraded communication and transportation networks, communication networks and nuclear refurbishments; sustained health of oil and gas producers; the continued global need to renew and expand critical infrastructure, including energy generation and distribution, electrification, transportation network enhancement and storm management; the Company’s ability to execute projects under contract; the Company’s continuing ability to provide new and enhanced product offerings to its customers; that the Company will identify and successfully execute on opportunities for acquisitions or investments; the higher level of investment in working capital by the Company; the easing of supply chain shortages and the continued supply of and stable pricing or the ability to pass on higher prices to the Company’s customers for commodities used by the Company; the availability of personnel resources sufficient for the Company to operate its businesses; the maintenance of operations by the Company in major oil and gas producing regions; the adequacy of the Company’s existing accruals in respect of environmental compliance and in respect of litigation and tax matters and other claims generally; the impact of adoption of artificial intelligence and other machine learning on competition in the industries which the Company operates; the Company’s ability to meet its financial objectives; the ability of the Company to satisfy all covenants under its Credit Facility (as defined herein) and other debt obligations and having sufficient liquidity to fund its obligations and planned initiatives; and the availability, commercial viability and scalability of the Company’s greenhouse gas emission reduction strategies and related technology and products, and the anticipated costs and impacts on the Company’s operations and financial results of adopting these technologies or strategies. The Company believes that the expectations reflected in the forward-looking information are based on reasonable assumptions in light of currently available information. However, should one or more risks materialize, or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information included in this news release and the Company can give no assurance that such expectations will be achieved.

    When considering the forward-looking information in making decisions with respect to the Company, readers should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not assume the obligation to revise or update forward-looking information after the date of this news release or to revise it to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

    To the extent any forward-looking information in this news release constitutes future oriented financial information or financial outlooks, within the meaning of securities laws, such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future oriented financial information and financial outlooks, as with forward-looking information generally, are based on the assumptions and subject to the risks noted above.

    5.0 RECONCILIATION OF NON-GAAP MEASURES

    The Company reports on certain non-GAAP and other financial measures that are used to evaluate its performance and segments, as well as to determine compliance with debt covenants and to manage its capital structure. These non-GAAP and other financial measures do not have standardized meanings under IFRS and are not necessarily comparable to similar measures provided by other companies. The Company discloses these measures because it believes that they provide further information and assist readers in understanding the results of the Company’s operations and financial position. These measures should not be considered in isolation or used in substitution for other measures of performance prepared in accordance with GAAP. The following is a reconciliation of the non-GAAP measures reported by the Company.  

    EBITDA and Adjusted EBITDA

    EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA is also a non-GAAP measure defined as EBITDA adjusted for items which do not impact day to day operations. Adjusted EBITDA is calculated by adding back to EBITDA the sum of impairments, costs associated with refinancing of long-term debt and credit facilities, gain on sale of land and other, gain on sale of investment in associates, gain on sale of operating unit, acquisition costs, restructuring costs, share-based incentive compensation cost, foreign exchange (gain) loss and other, net, hyperinflationary adjustments and the impact of transactions that are outside the Company’s normal course of business or day to day operations. The Company believes that EBITDA and Adjusted EBITDA are useful supplemental measures that provide a meaningful indication of the Company’s results from principal business activities prior to the consideration of how these activities are financed or the tax impacts in various jurisdictions and for comparing its operating performance with the performance of other companies that have different financing, capital or tax structures. The Company presents Adjusted EBITDA as a measure of EBITDA that excludes the effect of transactions that fall outside the Company’s ordinary course of business or routine operations. Adjusted EBITDA is used by many analysts as one of several important analytical tools to evaluate financial performance and is a key metric in business valuations. It is also considered important by lenders to the Company and is included in the financial covenants of the Credit Facility.

        Three Months Ended  
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Net Income (Loss) from Continuing Operations $ 48,069   $ (2,145 )
                   
      Add:            
      Income tax expense   (38,858 )   3,948  
      Finance costs, net   9,230     2,226  
      Amortization of property, plant and equipment, intangible assets and ROU assets   16,883     8,568  
      EBITDA from Continuing Operations   35,324     12,597  
                   
      Share-based incentive compensation (recovery) cost   (2,192 )   7,632  
      Foreign exchange loss   3,907     2,397  
      Restructuring costs and other, net   —     3,201  
      Cost associated with acquisition (a)   5,320     —  
      Non-cash impact from inventory fair value adjustment (b)   4,195     —  
      Adjusted EBITDA from Continuing Operations $ 46,554   $ 25,827  
    a) Costs associated with the acquisition of AmerCable Incorporated.    
    b) Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition.   
    Connection Technologies Segment      
           
        Three Months Ended
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Operating Income $ 18,041   $ 14,543  
                   
      Add:            
      Amortization of property, plant and equipment, intangible assets and ROU assets   7,619     1,722  
      EBITDA   25,660     16,265  
                   
      Share-based incentive compensation (recovery) cost   (368 )   1,319  
      Restructuring costs and other, net   —     33  
      Cost associated with acquisition (a)   974     —  
      Non-cash impact from inventory fair value adjustment (b)   4,195     —  
      Adjusted EBITDA $ 30,461   $ 17,617  
    a) Costs associated with the acquisition of AmerCable Incorporated.    
    b) Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition. 
    Composite Technologies Segment      
             
        Three Months Ended
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Operating Income $ 12,807   $ 4,017  
                   
      Add:            
      Amortization of property, plant and equipment, intangible assets and ROU assets   8,667     6,371  
      EBITDA   21,474     10,388  
                   
      Share-based incentive compensation (recovery) cost   (436 )   1,452  
      Restructuring costs and other, net   —     3,168  
      Adjusted EBITDA $ 21,038   $ 15,008  
    Financial and Corporate      
           
        Three Months Ended  
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Operating Loss $ (12,407 ) $ (14,531 )
                   
      Add:            
      Cost associated with repayment and modification of long-term debt   —     —  
      Amortization of property, plant and equipment, intangible assets and ROU assets   597     475  
      EBITDA   (11,810 )   (14,056 )
                   
      Share-based incentive compensation (recovery) cost   (1,388 )   4,861  
      Foreign exchange loss   3,907     2,397  
      Cost associated with acquisition (a)   4,346     —  
      Adjusted EBITDA $ (4,945 ) $ (6,798 )
    a) Costs associated with the acquisition of AmerCable Incorporated.    
    Discontinued Operations      
             
        Three Months Ended  
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Net Income (Loss) from Discontinued Operations $ 4,657   $ (3,494 )
                   
      Add:            
      Income tax (recovery) expense   2,998     1,869  
      Finance costs, net recovery   (162 )   (84 )
      Amortization of property, plant and equipment, intangible assets and ROU assets   —     428  
      EBITDA from Discontinued Operations   7,493     (1,281 )
                   
      Foreign exchange (gain) loss   (16 )   118  
      Loss on sale of operating unit and subsidiary   —     5,405  
      Adjusted EBITDA from Discontinued Operations $ 7,477   $ 4,242  
    Total Consolidated Mattr (Continuing and Discontinued Operations)    
             
        Three Months Ended  
          March 31,     March 31,  
      (in thousands of Canadian dollars)   2025     2024  
                   
      Net Income (Loss) $ 52,726   $ (5,639 )
                   
      Add:            
      Income tax expense   (35,860 )   5,817  
      Finance costs, net   9,068     2,142  
      Amortization of property, plant and equipment, intangible assets and ROU assets   16,883     8,996  
      EBITDA   42,817     11,316  
                   
      Share-based incentive compensation (recovery) cost   (2,192 )   7,632  
      Foreign exchange loss   3,891     2,515  
      Loss on sale of operating unit and subsidiary   —     5,405  
      Restructuring costs and other, net   —     3,201  
      Cost associated with acquisition (a)   5,320     —  
      Non-cash impact from inventory fair value adjustment (b)   4,195     —  
      Adjusted EBITDA $ 54,031   $ 30,069  
    a) Costs associated with the acquisition of AmerCable Incorporated.    
    b) Cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition.    
           

    Adjusted EBITDA Margin

    Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue and is a non-GAAP measure. The Company believes that Adjusted EBITDA margin is a useful supplemental measure that provides meaningful assessment of the business results of the Company and its Operating Segments from principal business activities excluding the impact of transactions that are outside of the Company’s normal course of business.

    See reconciliation above for the changes in composition of Adjusted EBITDA, as a result of which the table below reflects restated figures for the prior year quarter to align with the updated composition.

    Operating margin is defined as operating (loss) income divided by revenue and is a non-GAAP measure. The Company believes that operating margin is a useful supplemental measure that provides meaningful assessment of the business performance of the Company and its Operating Segments. The Company uses this measure as a key indicator of financial performance, operating efficiency and cost control based on volume of business generated.

    Adjusted Net Income (attributable to shareholders)

    Adjusted Net Income (attributable to shareholders) is a non-GAAP measure defined as Net Income (attributable to shareholders) adjusted for items which do not impact day to day operations. Adjusted Net Income (attributable to shareholders) is calculated by adding back to Net Income (attributable to shareholders)  the after tax impact of the sum of impairments, costs associated with refinancing of long-term debt and credit facilities, gain on sale of land and other, gain on sale of investment in associates, gain on sale of operating unit, acquisition costs, restructuring costs, share-based incentive compensation cost, foreign exchange (gain) loss and other, net and hyperinflationary adjustments. The Company believes that Adjusted Net Income (attributable to shareholders) is a useful supplemental measure that provides a meaningful indication of the Company’s results from principal business activities for comparing its operating performance with the performance of other companies that have different financing, capital or tax structures.

    Adjusted Earnings Per Share (“Adjusted EPS”)

    Adjusted EPS (basic) is a non-GAAP measure defined as Adjusted Net Income (attributable to shareholders) divided by the number of common shares outstanding. Adjusted EPS (diluted) is a non-GAAP measure defined as Adjusted Net Income (attributable to shareholders) divided by the number of common shares outstanding, further adjusted for potential dilutive impacts of outstanding securities which are convertible to common shares. The Company presents Adjusted EPS as a measure of Earning Per Share that excludes the impact of transactions that are outside the Company’s normal course of business or day to day operations. Adjusted EPS indicates the amount of Adjusted Net Income the Company makes for each share of its stock and is used by many analysts as one of several important analytical tools to evaluate financial performance and is a key metric in business valuations.

    Total Consolidated Mattr Adjusted EPS (Continuing and Discontinued Operations)      
                 
        Three Months Ended
    		  
        March 31, March 31,  
      (in thousands of Canadian dollars except for per share amounts) 2025 2024  
              Earnings Per Share       Earnings Per Share  
                                 
              Basic Diluted         Basic   Diluted  
      Total Consolidated Mattr Net Income (Loss)(a)  $ 52,726   0.84 0.84   $ (5,842 ) (0.09 ) (0.09 )
                                 
      Adjustments (before tax):                          
      Share-based incentive compensation (recovery) cost   (2,192 )         7,632          
      Foreign exchange loss   3,891           2,515          
      Loss on sale of operating unit and subsidiary   —           5,405          
      Restructuring costs and other, net   —           3,201          
      Cost associated with acquisition (b)   5,320           —          
      Non-cash impact from inventory fair value adjustment (c)   4,195           —          
      Tax effect of above adjustments   (1,499 )         (2,066 )        
      Tax impact of the AmerCable acquisition   (40,819 )         —          
      Total Consolidated Mattr Adjusted Net Income (non-GAAP) (a)  $ 21,622   0.34 0.34   $ 10,845   0.16   0.16  
    (a) Attributable to Shareholders of the Company.
    (b) One-time costs associated with the acquisition of AmerCable Incorporated.
    (c) One-time cost of goods sold impact from purchase price allocation accounting adjustment on acquired inventory from AmerCable acquisition.
       

    Total Net debt-to-Adjusted EBITDA

    Total Net debt-to-Adjusted EBITDA is a non-GAAP measure defined as the sum of long-term debt, current lease liabilities and long-term lease liabilities, less cash and cash equivalents (including restricted cash), divided by the Consolidated (Continuing and Discontinued Operations) Adjusted EBITDA, as defined above, for the trailing twelve-month period. The Company believes Total Net debt-to-Adjusted EBITDA is a useful supplementary measure to assess the borrowing capacity of the Company. Total Net debt-to-Adjusted EBITDA is used by many analysts as one of several important analytical tools to evaluate how long a company would need to operate at its current level to pay of all its debt. It is also considered important by credit rating agencies to determine the probability of a company defaulting on its debt.

    See discussion above for the changes into the composition of Adjusted EBITDA. The table below reflects restated figures for the prior year quarters to align with current presentation.

          March 31,   December 31  
      (in thousands of Canadian dollars except Net debt-to-EBITDA ratio)   2025     2024  
               
      Long-term debt $ 449,633   $ 471,238  
      Lease Liabilities   165,869     163,127  
      Cash and cash equivalents (and restricted cash)   (52,716 )   (502,490 )
      Total Net Debt   562,786     131,875  
               
      Q1 2024 Adjusted EBITDA   —     30,069  
      Q2 2024 Adjusted EBITDA   42,824     42,824  
      Q3 2024 Adjusted EBITDA   36,743     36,743  
      Q4 2024 Adjusted EBITDA   21,060     21,060  
      Q1 2025 Adjusted EBITDA   54,031     —  
      Trailing twelve-month Adjusted EBITDA $ 154,658   $ 130,696  
      Total Net debt-to-Adjusted EBITDA   3.64     1.01  


    Total Interest Coverage Ratio

    Total Interest Coverage Ratio is a non-GAAP measure defined as Consolidated Adjusted EBITDA (Continuing and Discontinued Operations), as defined above, for the trailing twelve-month period, divided by finance costs, net, for the trailing twelve-month period. The Company believes Total Interest Coverage Ratio is a useful supplementary measure to assess the Company’s ability to honor its debt payments. Total Interest Coverage Ratio is used by many analysts as one of several important analytical tools to judge a company’s ability to pay interest on its outstanding debt. It is also considered important by credit rating agencies to determine a company’s riskiness relative to its current debt or for future borrowing.

          March 31,   December 31  
      (in thousands of Canadian dollars except Net debt-to-EBITDA ratio)   2025     2024  
                   
      Q1 2024 Adjusted EBITDA $ —   $ 30,069  
      Q2 2024 Adjusted EBITDA   42,824     42,824  
      Q3 2024 Adjusted EBITDA   36,743     36,743  
      Q4 2024 Adjusted EBITDA   21,060     21,060  
      Q1 2025 Adjusted EBITDA   54,031     —  
      Trailing twelve-month Adjusted EBITDA $ 154,658   $ 130,696  
                   
      Q1 2024 Finance cost, net   —     2,142  
      Q2 2024 Finance cost, net   4,341     4,341  
      Q3 2024 Finance cost, net   4,804     4,804  
      Q4 2024 Finance cost, net   5,846     5,846  
      Q1 2025 Finance cost, net   9,068     —  
      Trailing twelve-month finance cost, net $ 24,059   $ 17,133  
      Total Interest Coverage Ratio   6.43     7.63  


    Modernization, Expansion and Optimization (“MEO”) Costs

    MEO costs is a supplementary financial measure. MEO costs not eligible for capitalization are reported as selling, general and administrative expenses or as cost of goods sold and incurred in support of the Company’s certain specific, planned capital investments into high-return growth and efficiency improvement opportunities. These include the following:

    • The replacement of the Company’s Rexdale facility in Toronto, Ontario and the expansion of its Connection Technologies segment’s North American manufacturing footprint through:
      • a new heat-shrink tubing production site in Fairfield, Ohio; and
      • a new wire and cable production site in Vaughan, Ontario.
    • The addition of two new manufacturing facilities and the elimination of aging manufacturing facilities within the Composite Technologies network, namely:
      • the shut-down and exit of aging production capabilities in the Xerxes FRP tank production site footprint;
      • a new Xerxes FRP tank production site in Blythewood, South Carolina;
      • a new Flexpipe composite pipe production site in Rockwall, Texas along with the co-located Hydrochain™ stormwater infiltration chamber production line.

    The Company considers these costs incremental to its normal operating base and would not have been incurred if these projects were not ongoing.

    6.0 ADDITIONAL INFORMATION

    Additional information relating to the Company, including its AIF, is available on SEDAR+ at www. sedarplus.com and on the “Investors Centre” page of the Company’s website at: https://investors.Mattr.com/Investor-Center/default.aspx.

    Dated: May 14, 2025

    The MIL Network –

  • MIL-OSI USA: Congressman Castro Statement on Director Gabbard’s Firing of Top Two Officials at the National Intelligence Council

    Source: United States House of Representatives – Congressman Joaquin Castro (20th District of Texas)

    May 14, 2025

    WASHINGTON, D.C. — Today, Congressman Joaquin Castro (TX-20), Ranking Member of the Oversight and Investigations Subcommittee on the House Permanent Select Committee on Intelligence, released the following statement:

    “Tulsi Gabbard fired the top two officials at the National Intelligence Council for telling the truth. Trump’s use of the Alien Enemies Act is built on the fiction that the Venezuelan regime controls the gang Tren De Aragua.We know this is false. I joined Intelligence Committee Ranking Member Himes in calling on Gabbard to publicly release these assessments. I also raised this with CIA Director Ratcliffe and Director Gabbard in the March Intelligence Committee hearing. In that hearing, Director Gabbard misrepresented the intelligence we have all now seen that finds no link between the Venezuelan regime and Tren de Aragua.

    “The Director of National Intelligence’s most important responsibility is to accurately represent the facts. Instead, she has fired the top two officials at the National Intelligence Council because their analysis was not politically convenient for the President. Under the Trump Administration, intelligence is being politicized and bent to the will of President Trump. That is dangerous because it intimidates intelligence analysts, undercuts the integrity of their work, and undermines our national security.” 

    MIL OSI USA News –

  • MIL-OSI USA: Pressley, Booker, Warren Unveil Bill to Suspend Garnishments for Student Loan Borrowers

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Bill Comes as Trump Admin. Set to Seize Hard-Earned Wages, Tax Refunds, and Social Security Checks for Struggling Borrowers

    The Ending Administrative Wage Garnishment Act of 2025 will also reform administration of the administrative wage garnishment program

    Bill Text (PDF)

    WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07), along with Senators Cory Booker (D-NJ) and Elizabeth Warren (D-MA), reintroduced the Ending Administrative Wage Garnishment Act of 2025, legislation that would provide borrower relief and support by suspending garnishment as a tool for student debt collection by the federal government.

    On April 22, 2025, the Department of Education announced that, starting May 5th, it will resume collections on defaulted federal student loans, including wage garnishments, tax refund interceptions, and seizure of Social Security benefits. For the nearly 5.5 million people currently in default—and soon for the projected 8 million additional people in delinquency—this means that they will face the government’s harsh collection tactics for the first time in over five years. This shift coincides with mass firings at the Department of Education and limited access to income-driven repayment plans, leaving students without critical support to navigate the repayment process.  

    “No one should have their hard-earned wages, tax refunds, and Social Security checks seized by Donald Trump—and our bill would ensure they do not,” said Representative Pressley. “The Trump Administration should not be in the business of picking the pockets of our most vulnerable borrowers, gutting the Department of Education or exacerbating the student debt crisis. I am proud to partner with Senators Booker and Warren to push back against this Administration’s shameful garnishment tactics and stand up for our student borrowers.”

    “Wage garnishment allows the government to instruct employers to withhold up to 15 percent of an individual’s hard-earned wages, as well as intercept tax refunds, and seize Social Security benefits in order to collect student loan debt,” said Senator Booker. “If resumed, this harmful practice will hurt millions of Americans already struggling to make ends meet while paying off their student loans. This legislation will put an end to the Trump’s administration’s attempt to punish vulnerable student loan borrowers.”

    “It’s cruel for the Trump administration to restart collections while it crashes the economy and fires employees that help people navigate the loan repayment system,” said Senator Warren. “Our commonsense bill stops the administration from going after working people and improperly taking a chunk of borrowers’ paychecks.”

    “Amidst unprecedented economic uncertainty and as millions of working families are struggling with the rising costs of everyday essentials, the Trump Administration’s calloused decision to unleash abusive and uncontrollable collection tools that have the power to take borrower’s hard earned wages without safeguards. Instead of helping the 5 million borrowers that have fallen into default and the millions more that are behind and now at risk of default later this year, this Administration appears set on inflicting massive economic harm on millions of Americans—a decision that will further drag down an already struggling economy,” said SBPC Policy Director Aissa Canchola Banez. “We applaud Senator Booker and Congresswoman Pressley for introducing the Ending Administrative Garnishment Act which will rein in the Secretary of Education’s authority to subject borrowers to administrative wage garnishment and ensure that critical safeguards are in place.”

    The Ending Administrative Wage Garnishment Act of 2025:

    • Suspends the Secretary of Education’s authority to garnish wages, tax refunds, Social Security checks, or other earned benefits
    • Mandates the Department of Education to:
      • Promptly refund improperly garnished wages within one week.
      • Establish the ability to independently suspend or terminate garnishment operations upon identifying errors.
      • Ensure employers verify garnishment information quarterly.
    • Prohibits garnishment on loans that have been outstanding for more than 10 years.
    • Establishes a private right of action allowing borrowers to sue employers who improperly garnish wages after a garnishment order is suspended.
    • Requires the Department to pay double damages to borrowers whose wages are improperly garnished.

    To read the full text of the bill, click here.

    Rep. Pressley has been a leading voice in Congress urging President Biden to cancel student debt. Following years of advocacy by Rep. Pressley—in partnership with colleagues, borrowers, and advocates—the Biden-Harris Administration announced a historic plan to cancel student debt that stands to benefit over 40 million people. She has consistently helped borrowers access student debt cancellation resources, including PSLF, and she was proud to welcome a union educator and PSLF recipient as her guest to President Biden’s State of the Union Address in March.

    • On October 18, 2024, Rep. Pressley applauded the Biden-Harris Administration’s approval of approximately $4.5 billion in additional student debt cancellation for approximately 60,000 workers nationwide who work in public service.
    • On October 2, 2024, Rep. Pressley joined borrowers and advocates to unveil new state-by-state data quantifying the harm that Project 2025 would have on millions of public service workers nationwide.
    • On September 10, 2024, Rep. Pressley joined Senator Warren and Rep. Jim Clyburn in urging the U.S. Department of Education to consider terminating its contract with student loan servicer MOHELA.
    • On August 29, Rep. Pressley issued a statement following the Supreme Court’s refusal to reinstate President Biden’s Saving on a Valuable Education (SAVE) student debt relief program.
    • On August 9, 2024, Rep. Pressley joined Senator Warren, Representative Dean, and their colleagues urging student loan servicer Navient to reform its flawed process to cancel the private student loans of borrowers who attended fraudulent, for-profit colleges.
    • On June 25, 2024, Rep. Pressley issued a statement on federal judges in Missouri and Kansas siding with Republican states to block portions of President Biden’s Saving on a Valuable Education (SAVE) student debt relief program. 
    • On June 25, 2024, Rep. Pressley colleagues, borrowers, and advocates urged the Biden Administration to terminate the contract of federal student loan servicer MOHELA. Their calls follow MOHELA’s repeated failure to perform basic loan servicing functions and ongoing harm caused by MOHELA to student loan borrowers.
    • On May 20, 2024, Rep. Pressley, along with Reps. Omar, Clyburn and Wilson, led their colleagues in urging the U.S. Department of Education to ensure its proposed student debt relief rule is implemented in the most effective and efficient manner possible for millions of borrowers.
    • On May 1, 2024, Rep. Pressley issued a statement applauding the Biden Administration’s approval of student loan discharge for 317,000 borrowers who attended The Art Institutes, including over 3,500 borrowers in Massachusetts.
    • On April 14, 2024, Rep. Pressley applauded President Biden’s approval of an additional $7.4 billion in student debt cancellation for 277,000 borrowers.
    • On April 8, 2024, Rep. Pressley hailed President Biden’s announcement of new plans to provide student debt relief for tens of millions of borrowers across the country.
    • On March 21, 2024, Rep. Pressley applauded the Biden-Harris Administration’s approval of $5.8 billion in additional student loan debt cancellation for 77,700 public service workers.
    • On March 20, 2024, Rep. Pressley and Senator Elizabeth Warren led their colleagues in calling on federal agencies to end the practice of offsetting Social Security benefits to pay off defaulted student loans.
    • On March 7, 2024, Rep. Pressley welcomed Priscilla Higuera Valentine, a first generation American, a proud union educator with Boston Public Schools and the Boston Teachers Union, and the daughter of a Colombian immigrant, who has received over $117,000 in student debt relief under the Biden-Harris Administration’s improved Public Service Loan Forgiveness (PSLF) Program, as her guest to President Biden’s State of the Union Address.
    • On February 23, 2024, Rep. Pressley applauded the Biden-Harris Administration’s approval of $1.2 billion in student debt cancellation for nearly 153,000 borrowers nationwide, including $19.5 million in cancellation for 2,490 Massachusetts borrowers.
    • On January 26, 2024, Rep. Pressley and Senator Elizabeth Warren (D-MA) led their colleagues in calling on the Secretary of Education Miguel Cardona to host a fourth session of the student debt negotiated rulemaking to consider relief for borrowers experiencing financial hardship. She applauded ED’s announcement that it would heed their calls.
    • On December 11, 2023, Rep. Pressley testified at the U.S. Department of Education’s final hearing on student debt cancellation.
    • On December 11, 2023, Rep. Pressley and Senator Elizabeth Warren (D-MA), along with Senators Chuck Schumer (D-NY), Bernie Sanders (I-VT), Alex Padilla (D-CA), and Representatives Ilhan Omar (MN-05) and Frederica Wilson (FL-24), sent a letter to U.S. Secretary of Education Miguel Cardona, urging him to leverage his existing and full authority under the Higher Education Act to provide expanded student debt relief to working and middle-class borrowers. 
    • On November 30, 2023, Rep. Pressley emphasized the crucial role of the Consumer Financial Protection Bureau (CFPB) in protecting student loan borrowers from incompetent and predatory student loan servicers.
    • On November 6, 2023, Rep. Pressley joined Attorney General Andrea Campbell, Mayor Michelle Wu, and Senator Elizabeth Warren (D-MA) for a clinic to help federal student loan borrowers access a temporary opportunity to get closer to Public Service Loan Forgiveness (PSLF). 
    • On September 25, 2023, Rep. Pressley hosted a policy discussion with borrowers and advocates at which they renewed their urgent call for student debt cancellation with loan payments set to resume on October 1, 2023.
    • On August 23, 2023, Rep. Pressley, Sen. Warren, and their colleagues led over 80 lawmakers in a letter to President Joe Biden, urging him to swiftly deliver on his promise to deliver student debt cancellation to working and middle class families by early 2024. 
    • On August 22, 2023 Rep. Pressley applauded Governor Maura Healey’s plan to provide student debt relief for health care workers in Massachusetts. 
    • On June 30, 2023, Rep. Pressley responded to the President’s alternative proposal to deliver relief under the Higher Education Act and called for swift and efficient implementation.
    • On June 30, 2023, Rep. Pressley issued a statement slamming the Supreme Court’s decision to block President Biden’s student debt cancellation plan and calling on the President to use other tools available to swiftly cancel student debt.
    • On May 30, 2023, Rep. Pressley filed an amendment to H.R. 3746, legislation to raise the debt ceiling, to protect student loan borrowers and preserve the Biden Administration’s pause on federal student loan payments.
    • On May 24, 2023, Rep. Pressley issued a statement slamming Republicans’ harmful effort to overturn President Biden’s student debt relief, including his debt cancellation plan, the pause on student loan payments, and the expanded Public Service Loan Forgiveness (PSLF) program.
    • On May 24, 2023, Rep. Pressley delivered a powerful speech in support of President Biden’s plan to cancel student debt, which would benefit millions of people across the country.
    • On April 5, 2023, Rep. Pressley and Senator Elizabeth Warren wrote to the CEO of SoFi Technologies and SoFi Lending Corp calling on the company to answer for its lawsuits attempting to end the student loan payment pause and force borrowers back into repayment.
    • On March 7, 2023, Rep. Pressley, along with Sens. Warren, Schumer, Sanders, Padilla and Reps. Clyburn, Omar and Wilson led a letter to the Biden Administration expressing continued support for President Biden’s student debt relief plan.
    • On February 28, 2023, Rep. Pressley rallied with borrowers and advocates outside the Supreme Court to call on the Supreme Court to affirm the legality of President Biden’s student debt cancellation plan.
    • On November 22, 2022, Rep. Pressley issued a statement applauding the extension of the student loan payment pause.
    • On October 25, 2022, Rep. Pressley and Senator Warren toured communities across Massachusetts to celebrate the Biden administration’s student debt cancellation plan and help residents sign up for student loan relief.
    • On October 12, 2022, Rep. Pressley joined parent borrowers and advocates for a discussion on the impacts of student debt cancellation on parents and families.
    • On September 29, 2022, Rep. Pressley, along with Senate Majority Leader Schumer and Reps. Omar, Jones and advocates, held a press conference to call for swift and equitable implementation of President Biden’s student debt cancellation plan.
    • On September 21, 2022, Rep. Pressley delivered a powerful speech on the House floor in which she heralded President Biden’s action to cancel student debt for millions of families in the Massachusetts 7th and across the nation. Watch the full video here.
    • On September 12, 2022, Rep. Pressley and Senator Warren wrote to the nine federal student loan servicers to inquire about how they are providing borrowers with accurate and timely information about student loan cancellation.
    • On August 24, 2022, Congresswoman Pressley issued a statement applauding President Biden’s action to cancel student debt.
    • On August 10, 2022, Congresswoman Pressley and Senator Warren Massachusetts joined Massachusetts union leaders in Dorchester for a roundtable discussion on student debt cancellation.
    • On July 18, 2022, Congresswoman Pressley delivered remarks at the American Federation of Teachers (AFT) national convention and renewed her calls for President Biden to cancel student debt by executive action.
    • On July 8, 2022, Congresswoman Pressley with The Debt Collective hosted a virtual roundtable with student debt holders from all walks of life to highlight the intersectional burden the nearly $2 trillion student debt crisis has had on individuals and families. 
    • On June 22, 2022, Congresswoman Ayanna Pressley, with Senator Elizabeth Warren and Senate Majority Leader Chuck Schumer, joined AFL-CIO and union leaders for a roundtable discussion on the importance of student debt cancellation for American workers.
    • On May 20, 2022, Congresswoman Pressley applauded the Congressional Black Caucus’ (CBC) statement calling on President Biden to cancel student loan debt.
    • On May 4, 2022, Congresswoman Pressley visited Bunker Hill Community College to celebrate the $1 million in federal community project funding she secured and continued her calls for President Biden to cancel student debt.
    • On March 17, 2022, Congresswoman Pressley and Arisha Hatch, vice president and chief of campaigns at Color of Change, published an op-ed in Grio calling on President Biden to use his executive order authority to cancel up to $50,000 in student loan debt per borrower.
    • On December 8, 2021, Congresswoman Ayanna Pressley, Senator Elizabeth Warren, and Senate Majority Leader Chuck Schumer sent a bicameral letter to President Joe Biden releasing new data about the adverse impact of restarting student loan payments and calling on him to act to cancel up to $50,000 of student debt.
    • On December 2, 2021, Congresswoman Pressley delivered remarks on the House floor in which she reiterated her calls for President Biden to cancel $50,000 in federal student loan debt by executive action.
    • On October 8, 2021, Representatives Ayanna Pressley and Ilhan Omar and their House colleagues sent a letter to President Biden and Secretary of Education Miguel Cardona urging him to release the memo to determine the extent of the administration’s authority to broadly cancel student debt through administrative action.
    • On July 29, 2021, Congresswoman Pressley issued a statement reaffirming President Biden’s authority – and the urgency – to cancel student loan debt.
    • On June 23, 2021, Congresswoman Ayanna Pressley, Senator Elizabeth Warren, Senate Majority Leader Chuck Schumer, and Congressman Joe Courtney led their colleagues on a bicameral letter to President Biden calling on him to extend the pause on federal student loan payments.
    • On April 13, 2021, Congresswoman Pressley testified at a Senate Banking, Housing, and Urban Affairs Committee’s Subcommittee on Economic Policy hearing to examine the student loan debt crisis in our country.
    • On April 1, 2021, Congresswoman Pressley, along with Senator Elizabeth Warren and Massachusetts Attorney General Maura Healey, held a press conference calling on President Biden to tackle the student loan debt crisis.
    • On February 4, 2021, Congresswoman Pressley, along with several Democratic House and Senate leaders, led their colleagues in reintroducing a bicameral resolution outlining a bold plan for President Biden to tackle the student loan debt crisis. 
    • On December 17, 2020, Representatives Ayanna Pressley, Ilhan Omar, Maxine Waters, and Alma Adams introduced a resolution outlining a bold plan for President-elect Joe Biden to cancel up to $50,000 in Federal student loan debt for student loan borrowers.
    • On December 10, 2020, Congresswoman Pressley was in Yahoo Finance urging the Biden administration to cancel student debt, stressing the impact on Black borrowers.
    • On May 8, 2020, Representatives Ayanna Pressley, Alma Adams, and Ilhan Omar, led 28 of their colleagues and sent a letter to House Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy calling for the universal, one-time, student debt cancellation of at least $30,000 per borrower in the next round of COVID-19 relief legislation.
    • On March 23, 2020, Representatives Ayanna Pressley and Ilhan Omar introduced the Student Debt Emergency Relief Act, legislation that provides immediate monthly payment relief for federal student loan borrowers.
    • On March 17, 2020, Congresswoman Ayanna Pressley and Senator Elizabeth Warren were on The Hill calling on congressional leadership to include student debt cancellation in the next coronavirus relief package.
    • On October 11, 2019, Congresswoman Pressley introduced legislation – the Ending Debt Collection Harassment Act – to protect consumers from abusive debt collection.
    • On July 17, 2019, Congresswomen Pressley introduced legislation – the Student Borrower Credit Improvement Act – to provide much needed support to private student loan borrowers with a pathway to financial stability by helping them improve their credit.

    ###

    MIL OSI USA News –

  • MIL-OSI: Crescent Capital BDC, Inc. Reports First Quarter 2025 Earnings Results; Declares a Second Quarter Base Dividend of $0.42 Per Share

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, May 14, 2025 (GLOBE NEWSWIRE) — Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ: CCAP) today reported net investment income of $0.45 per share and net income of $0.11 per share, for the quarter ended March 31, 2025. Net asset value (NAV) per share was $19.62 at March 31, 2025 compared to $19.98 as of December 31, 2024.

    Dividend Declarations
    The Company announced that its Board of Directors (the “Board”) declared a second quarter 2025 regular cash dividend of $0.42 per share to stockholders of record as of June 30, 2025, payable on July 15, 2025. Additionally, the second of three previously announced $0.05 per share special dividends will be paid on June 13, 2025 to stockholders of record as of May 30, 2025.

    Selected Financial Highlights
    ($ in millions, except per share amounts)

      As of and for the three months ended  
      March 31, 2025     December 31, 2024     March 31, 2024  
    Investments, at fair value $ 1,620.7     $ 1,598.9     $ 1,563.3  
    Total assets $ 1,666.5     $ 1,656.3     $ 1,620.4  
    Total net assets $ 727.1     $ 740.6     $ 751.4  
    Net asset value per share $ 19.62     $ 19.98     $ 20.28  
                           
    Investment income $ 42.1     $ 46.4     $ 50.4  
    Net investment income $ 16.6     $ 20.5     $ 23.4  
    Net realized gains (losses), net of taxes $ (6.5 )   $ (3.2 )   $ (0.2 )
    Net change in unrealized gains (losses), net of taxes $ (6.2 )   $ (7.3 )   $ 4.8  
    Net increase (decrease) in net assets resulting from operations $ 3.9     $ 10.0     $ 28.0  
                           
    Net investment income per share $ 0.45     $ 0.55     $ 0.63  
    Net realized gains (losses) per share, net of taxes $ (0.18 )   $ (0.09 )   $ (0.00 )
    Net change in unrealized gains (losses) per share, net of taxes $ (0.16 )   $ (0.19 )   $ 0.13  
    Net increase (decrease) in net assets resulting from operations per share $ 0.11     $ 0.27     $ 0.76  
    Regular distributions paid per share $ 0.42     $ 0.42     $ 0.41  
    Supplemental distributions paid per share $ –     $ 0.07     $ 0.10  
    Special distributions paid per share $ 0.05     $ –     $ –  
                           
    Weighted average yield on income producing securities (at cost)1   10.4 %     10.9 %     12.3 %
    Percentage of debt investments at floating rates   97.2 %     97.3 %     97.5 %
                           

    Portfolio & Investment Activity

    As of March 31, 2025 and December 31, 2024, the Company had investments in 191 and 185 portfolio companies with an aggregate fair value of $1,620.7 and $1,598.9 million, respectively. The portfolio at fair value was comprised of the following asset types:

    Portfolio Asset Types:

        As of  
    $ in millions   March 31, 2025     December 31, 2024  
    Investment Type   Fair Value     Percentage     Fair Value     Percentage  
    Senior secured first lien   $ 400.3       24.8 %   $ 379.7       23.7 %
    Unitranche first lien2     1,048.9       64.7       1,044.1       65.3  
    Unitranche first lien – last out2     25.0       1.5       14.8       0.9  
    Senior secured second lien     22.5       1.4       38.5       2.4  
    Unsecured debt     18.2       1.1       17.5       1.1  
    Equity & other     66.8       4.1       64.9       4.1  
    LLC/LP equity interests     39.0       2.4       39.4       2.5  
    Total investments   $ 1,620.7       100.0 %   $ 1,598.9       100.0 %
     

    For the quarter ended March 31, 2025, the Company invested $104.7 million across 10 new portfolio companies and several follow-on revolver and delayed draw fundings. During this period, the Company had $78.0 million in aggregate exits, sales and repayments. For the quarter ended December 31, 2024, the Company invested $127.1 million across 14 new portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $105.8 million in aggregate exits, sales and repayments.

    Results of Operations

    For the quarter ended March 31, 2025, investment income decreased to $42.1 million from $46.4 million for the quarter ended December 31, 2024, respectively. Interest income, which includes amortization of upfront fees, decreased to $39.7 million for the quarter ended March 31, 2025 from $43.4 million for the quarter ended December 31, 2024, primarily due to a decrease in benchmark rates. Included in interest from investments for the quarters ended March 31, 2025 and December 31, 2024 are $0.8 million and $0.5 million of accelerated accretion of OID related to paydown activity, respectively. Dividend income decreased to $1.5 million for the quarter ended March 31, 2025 from $2.4 million for the quarter ended December 31, 2024. Other income, which includes consent, waiver, amendment, agency, underwriting and arranger fees, was $0.9 million and $0.6 million for the quarter ended March 31, 2025 and December 31, 2024, respectively.

    For the three months ended March 31, 2025 and December 31, 2024, total net expenses, including income and excise taxes, totaled $25.5 million and $25.9 million, respectively.

    Liquidity and Capital Resources

    As of March 31, 2025, the Company had $30.5 million in cash and cash equivalents and restricted cash and $310.0 million of undrawn capacity on its credit facilities, subject to borrowing base and other limitations. The weighted average cost of debt on the Company’s debt outstanding as of March 31, 2025 was 6.36%.

    The Company’s debt to equity ratio was 1.25x as of March 31, 2025.

    Conference Call

    The Company will host a webcast/conference call on Thursday, May 15, 2025 at 12:00 p.m. (Eastern Time) to discuss its financial results for the quarter ended March 31, 2025. Please visit Crescent BDC’s webcast link located on the Events & Presentations page of the Investor Relations section of Crescent BDC’s website for a slide presentation that complements the earnings conference call.

    All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Events & Presentations page of the Investor Resources section of Crescent BDC’s website at www.crescentbdc.com. Please visit the website to test your connection before the webcast. Participants are also invited to access the conference call by dialing the following number:

    Toll Free: (800) 715-9871
    Conference ID: 1217499

    All callers will need to reference the Conference ID once connected with the operator. An archived replay will be available via a webcast link located on the Investor Relations section of Crescent BDC’s website.

    Endnotes

    Note: Numbers may not sum due to rounding.

    1)  Yield includes performing debt and other income producing investments (excluding investments on non-accrual).

    2)  Unitranche loans are first lien loans that may extend deeper in a company’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority among different lenders in the unitranche loan. In certain instances, the Company may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case, the “first out” portion of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last out” portion that the Company would continue to hold. In exchange for the greater risk of loss, the “last out” portion earns a higher interest rate.

    Crescent Capital BDC, Inc.
    Consolidated Statements of Assets and Liabilities
    (in thousands except share and per share data)
     
      As of
    March 31, 2025 (Unaudited)    		     As of
    December 31, 2024    		  
    Assets          
    Investments, at fair value          
    Non-controlled non-affiliated investments (cost of $1,541,656 and $1,511,386, respectively) $ 1,527,336     $ 1,504,013  
    Non-controlled affiliated investments (cost of $44,783 and $46,104, respectively)   45,805       46,793  
    Controlled investments (cost of $61,496 and $66,416, respectively)   47,600       48,051  
    Cash and cash equivalents   12,033       10,130  
    Restricted cash and cash equivalents   18,495       29,292  
    Interest and dividend receivable   8,240       11,008  
    Receivable from unsettled transactions   224       1,163  
    Unrealized appreciation on foreign currency forward contracts   4,242       4,815  
    Deferred tax assets   282       746  
    Other assets   2,240       263  
    Total assets $ 1,666,497     $ 1,656,274  
               
    Liabilities          
    Debt (net of deferred financing costs of $8,658 and $8,214, respectively) $ 902,952     $ 875,837  
    Distributions payable   15,566       15,566  
    Interest and other debt financing costs payable   9,116       10,408  
    Management fees payable   5,019       5,066  
    Incentive fees payable   3,487       4,305  
    Deferred tax liabilities   282       746  
    Unrealized depreciation on foreign currency forward contracts   284       —  
    Accrued expenses and other liabilities   2,669       3,709  
    Total liabilities $ 939,375     $ 915,637  
               
    Net assets          
    Preferred stock, par value $0.001 per share (10,000 shares authorized,
    zero outstanding, respectively)    		 $ —     $ —  
    Common stock, par value $0.001 per share (200,000,000 shares authorized,
    37,061,547 shares issued and outstanding)    		   37       37  
    Paid-in capital in excess of par value   959,098       959,098  
    Accumulated earnings (loss)   (232,013 )     (218,498 )
    Total net assets $ 727,122     $ 740,637  
    Total liabilities and net assets $ 1,666,497     $ 1,656,274  
    Net asset value per share $ 19.62     $ 19.98  
    Crescent Capital BDC, Inc.
    Consolidated Statements of Operations
    (in thousands except share and per share data)
    (Unaudited)
     
      For the three months ended March 31,  
        2025       2024  
    Investment Income:          
    From non-controlled non-affiliated investments:          
    Interest income $ 36,978     $ 43,564  
    Paid-in-kind interest   1,493       1,155  
    Dividend income   —       393  
    Other income   870       889  
    From non-controlled affiliated investments:          
    Interest income   858       692  
    Paid-in-kind interest   264       442  
    Dividend income   258       287  
    From controlled investments:          
    Interest income   205       299  
    Dividend income   1,200       2,640  
    Other income   3       —  
    Total investment income   42,129       50,361  
               
    Expenses:          
    Interest and other debt financing costs   14,636       15,604  
    Management fees   5,038       4,980  
    Income based incentive fees   3,519       4,937  
    Professional fees   735       447  
    Directors’ fees   164       156  
    Other general and administrative expenses   967       628  
    Total expenses   25,059       26,752  
    Management fees waiver   (20 )     (38 )
    Income based incentive fees waiver   (32 )     (36 )
    Net expenses   25,007       26,678  
    Net investment income before taxes   17,122       23,683  
    (Benefit) provision for income and excise taxes   501       366  
    Net investment income   16,621       23,317  
    Net realized and unrealized gains (losses) on investments:          
    Net realized gain (loss) on:          
    Non-controlled non-affiliated investments   (3,060 )     (1,604 )
    Non-controlled affiliated investments   (3,800 )     —  
    Foreign currency transactions   357       (11 )
    Foreign currency forward contracts   —       1,447  
    Net change in unrealized appreciation (depreciation) on:          
    Non-controlled non-affiliated investments and foreign currency translation   (10,159 )     4,870  
    Non-controlled affiliated investments   333       228  
    Controlled investments   4,469       (225 )
    Foreign currency forward contracts   (857 )     (356 )
    Net realized and unrealized gains (losses) on investments   (12,717 )     4,349  
    Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments   —       339  
    Net increase (decrease) in net assets resulting from operations $ 3,904     $ 28,005  
               
    Per common share data:          
    Net increase (decrease) in net assets resulting from operations per share (basic and diluted): $ 0.11     $ 0.76  
    Net investment income per share (basic and diluted): $ 0.45     $ 0.63  
    Weighted average shares outstanding (basic and diluted):   37,061,547       37,061,547  
                   

    About Crescent BDC

    Crescent BDC is a business development company that seeks to maximize the total return of its stockholders in the form of current income and capital appreciation by providing capital solutions to middle market companies with sound business fundamentals and strong growth prospects. Crescent BDC utilizes the extensive experience, origination capabilities and disciplined investment process of Crescent. Crescent BDC is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent. Crescent BDC has elected to be regulated as a business development company under the Investment Company Act of 1940. For more information about Crescent BDC, visit www.crescentbdc.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.

    About Crescent Capital Group

    Crescent is a global credit investment manager with $46 billion of assets under management. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, Chicago and London with more than 225 employees globally. Crescent is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. For more information about Crescent, visit www.crescentcap.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.

    Contact:

    Dan McMahon
    daniel.mcmahon@crescentcap.com
    212-364-0149

    Forward-Looking Statements

    This press release, and other statements that Crescent BDC may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Crescent BDC’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

    Crescent BDC cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which may change over time. Forward-looking statements speak only as of the date they are made, and Crescent BDC assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

    In addition to factors previously disclosed in Crescent BDC’s SEC reports and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) our future operating results; (2) our business prospects and the prospects of our portfolio companies; (3) the impact of investments that we expect to make; (4) our contractual arrangements and relationships with third parties; (5) the dependence of our future success on the general economy and its impact on the industries in which we invest; (6) the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives; (7) our expected financings and investments; (8) the adequacy of our cash resources and working capital, including our ability to obtain continued financing on favorable terms; (9) the timing of cash flows, if any, from the operations of our portfolio companies; (10) the impact of increased competition; (11) the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments; (12) potential conflicts of interest in the allocation of opportunities between us and other investment funds managed by our investment adviser or its affiliates; (13) the ability of our investment adviser to attract and retain highly talented professionals; (14) changes in law and policy accompanying the new administration and uncertainty pending any such changes; (15) increased geopolitical unrest, terrorist attacks or acts of war, which may adversely affect the general economy, domestic and local financial and capital markets, or the specific industries of our portfolio companies; (16) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets; (17) the unfavorable resolution of legal proceedings; and (18) the impact of changes to tax legislation and, generally, our tax position.

    Crescent BDC’s Annual Report on Form 10-K for the year ended December 31, 2024 and quarterly report on Form 10-Q for the quarter ended March 31, 2025, each filed with the SEC, identifies additional factors that can affect forward-looking statements.

    Other Information

    The information in this press release is summary information only and should be read in conjunction with Crescent BDC’s annual report on Form 10-K for the year ended December 31, 2024, which Crescent BDC filed with the U.S. Securities and Exchange Commission (the SEC) on February 19, 2025, Crescent BDC’s quarterly report on Form 10-Q for the quarter ended March 31, 2025, which Crescent BDC filed with the SEC on May 14, 2025 as well as Crescent BDC’s other reports filed with the SEC. A copy of Crescent BDC’s annual report on Form 10-K for the year ended December 31, 2024, Crescent BDC’s quarterly reports on Form 10-Q and Crescent BDC’s other reports filed with the SEC can be found on Crescent BDC’s website at www.crescentbdc.com and the SEC’s website at www.sec.gov.

    The MIL Network –

  • MIL-OSI Economics: ACP Statement on House Ways and Means Committee Advancing Tax Bill

    Source: American Clean Power Association (ACP)

    Headline: ACP Statement on House Ways and Means Committee Advancing Tax Bill

    WASHINGTON D.C., May 14, 2025 — The American Clean Power Association (ACP) issued the following statement from ACP CEO Jason Grumet after the House Ways and Means Committee advanced the tax portion of the budget reconciliation bill:
    “When Congress plays Red Light / Green Light with domestic energy production, American companies lose billions of dollars, investment stalls, and our economy suffers.
    “The legislation advanced today out of House Ways and Means does not deliver an orderly phase-down of clean energy tax credits. It imposes a sudden policy shift that would raise energy costs, take paychecks away from tens of thousands of American workers, and harm the economies of small towns across the nation.
    “We embrace the Administration’s goal to spur job growth and innovation through lower taxes. The Ways and Means bill would significantly raise taxes on the fastest-growing energy sector, undercutting Congress’ and the Trump Administration’s economic goals.
    “America is in a race with China for digital dominance. We cannot win this race without the energy required to power AI data centers. Over 90% of the electricity added to the grid last year came from the clean sources threatened by this legislation. Now is not the time for disruptive policy that will reduce American energy production and threaten our security.
    “There is a sensible way to phase down clean energy incentives. We remain committed to working with lawmakers on a path that achieves their legitimate policy goals without harming American companies, consumers, and communities.”

    MIL OSI Economics –

  • MIL-Evening Report: Economic pessimism is behind the drift of voters to minor parties and independents

    Source: The Conversation (Au and NZ) – By Viet Nguyen, Principal Research Fellow, Macroeconomics Research Program, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne

    Growing economic pessimism appears to have pushed many voters away from Australia’s two major parties, Labor and the Coalition. Support for minor parties and independents has doubled since the Global Financial Crisis in 2008.

    In the latest federal election, minor parties and independents are on track to gain a record share of the vote, at 33.4%. Although Labor won just 34.6% and the Coalition 32% of first preferences, Labor secured a majority after preference flows, reflecting a broader shift away from the major parties.

    Commentary in both Australian media and in the United States framed the result as a reaction against US President Donald Trump’s return to politics. That echoed analysis of Canada’s surprise centre-left Liberal party win a week earlier.

    But a more straightforward explanation lies in Australian voters’ dissatisfaction with economic conditions.

    In a new study, we used three decades of data from the leading monthly consumer sentiment survey, the Consumer Attitudes, Sentiments and Expectations in Australia (CASiE) Survey, to study how shifts in economic expectations align with changes in voting behaviour.

    Support for minor parties and independents has been rising

    In the 2007 federal election, minor parties and independents won just 15% of first‑preference votes and two seats in the House of Representatives. By 2022 their primary vote had doubled to 31.7%, delivering a record 16 seats.

    In the latest federal election, their first‑preference share rose further to 33.4% (as of May 14). But because of preference flows, they secured fewer lower house seats than in 2022. The underlying shift away from the major parties therefore continues, even though it is not reflected in seat numbers.

    This realignment has unfolded alongside a sustained slide in political trust. Surveys such as the Australian Election Study show satisfaction with democracy is at its lowest level on record.

    The decline is often linked to perceptions of poor economic management, leadership instability, and unresponsive government. Voters repeatedly cite housing affordability, cost‑of‑living pressures and difficulty accessing health care as unmet concerns.

    Minor party support differs across demographic groups

    The shift away from the political mainstream is broadly distributed across demographic groups, indicating widespread economic disaffection rather than isolated grievances.

    Younger Australians, facing acute economic challenges, have increasingly supported the Greens. Older voters have turned to One Nation and Teals amid broader dissatisfaction with economic management.

    Support for minor parties and independents has climbed among both men and women, though the pattern differs. Women lean more toward the Greens; men more toward other minors and independents.

    Economic pessimism matters at the ballot box

    Rising economic pessimism, along with other social and cultural factors, has been a driving force behind the collapse in support for the political mainstream.

    Since 2010, the average share of Australians saying their finances have improved over the past 12 months fell from 27% to 20%. The share reporting deterioration increased from 34% to 37%. That means a net shift of 10 percentage points toward pessimism.

    Looking ahead, more Australians expect their household finances and the national economy to worsen over the next year than to improve.

    The charts below show support for minor parties has climbed across the board since the mid‑2010s. It is consistently highest among voters who expect their household finances and the national economy to get worse.

    Voters who feel worse off have consistently been more inclined to back minor parties or independents. The gap between pessimists and optimists has widened under both Coalition and Labor administrations.

    The divergence is most pronounced for expectations about national economic conditions. This suggests political disaffection is increasingly linked to pessimism about Australia’s economic outlook.

    Growing economic pessimism is consistent with a broader picture of weaker economic growth, lower living standards, a fall in productivity and slower wage growth over the past decade.

    For example, economic growth (gross domestic product or GDP after inflation) slowed from an average of 3.5% between 1995 and 2009 to 2.4% between 2010 and 2024. Growth in GDP per person, a more direct measure of living standards, slowed even more, from an average of 2.1% to just 0.9%.

    Since both actual and perceived economic conditions influence voting choices, collapsing support for mainstream political parties is perhaps no surprise.

    Voters are increasingly drifting towards the minor parties.
    Ymgerman/Shutterstock

    Implications for the future

    Because of the complex flow of voting preferences, a smaller vote share going to major parties does not always translate into fewer seats in parliament. However, vote shares and seat counts tend to be highly correlated over time.

    Sustained declines in primary vote shares going to the major parties will eventually translate into reduced legislative power.

    The trends in Australia’s voting patterns are consistent with voters’ growing dissatisfaction with the performance of successive governments.

    While the rise of non-mainstream parties may signal political renewal, it also carries risks. In the absence of credible responses to persistent social and economic challenges, political resentment is likely to deepen.

    Decades of policy responses have failed to address the scale or structural nature of the country’s economic problems. This has contributed to mounting pressures.

    Without meaningful reform, Australia risks following the trajectory seen in parts of Europe and the US, where the weakening of mainstream parties has created space for more radical and anti-democratic political movements.

    Ferdi Botha receives funding from ARC Centre of Excellence for Children and Families over the Life Course.

    Kyle Peyton and Viet Nguyen do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Economic pessimism is behind the drift of voters to minor parties and independents – https://theconversation.com/economic-pessimism-is-behind-the-drift-of-voters-to-minor-parties-and-independents-256322

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Whatever happened to Barbie’s feet? Podiatrists studied 2,750 dolls to find out

    Source: The Conversation (Au and NZ) – By Cylie Williams, Professor, School of Primary and Allied Health Care, Monash University

    elinaxx1v/Shutterstock

    What do you get when a group of podiatrists (and shoe lovers) team up with a Barbie doll collector? A huge opportunity to explore how Barbie reflects changes in the types of shoes women wear.

    It all started with the blockbuster Barbie movie in 2023. In particular, we discussed a scene when Barbie was distressed to find she didn’t have to walk on tip-toes. She could walk on flat feet.

    Soon, we had designed a research project to study the feet of Barbie dolls on the market from her launch in 1959 to June 2024. That’s 2,750 Barbies in all.

    How this scene from the Barbie movie inspired our research project.

    In our study published today, we found a general shift away from Barbie’s iconic feet – on tip-toes, ready to slip on high-heeled shoes – to flat feet for flat shoes.

    We found, like many women today, Barbie “chooses” her footwear depending on what she has to do – flats for skateboarding or working as an astronaut but heels when dressing up for a night out.

    We also question whether high heels that Barbie and some women choose to wear are really as bad for your health as we’ve been led to believe.

    The movie that sparked the #barbiefootchallenge

    Barbie’s feet – in particular her tip-toe posture – triggered TikTok’s #barbiefoottrend and #barbiefootchallenge. When the movie was released, fans made videos to re-create how Barbie stepped out of her high-heeled shoes, yet stayed on tip-toes. Margot Robbie, the Australian actor who played Barbie in the movie, was even interviewed about it.

    Despite the obvious interest in Barbie’s iconic foot stance, there had been no specific research on her feet or choice of footwear.

    So our research team decided to look at how Barbie’s feet had changed over the years to reflect the kinds of shoes she’s worn, and how that ties in with her different jobs and growing diversity.

    What we did

    One of our research team has an extensive Barbie doll collection. This guided our search through online catalogues to examine the foot positions of 2,750 Barbie dolls.

    Our custom-made audit tool allowed us to classify Barbie’s foot posture as tip-toe (known as equinus) or flat.

    We also looked at when the dolls were made, whether they were diverse or inclusive (for instance, represented people with disabilities), and whether Barbie was employed.

    Our device allowed us to classify Barbie’s feet as (a) tip-toe (equinus) or (b) flat.
    Cylie Williams, CC BY-NC-ND

    What we found

    We were surprised that Barbie’s high-heel wearing foot posture was no longer the norm. Barbie does, however, still wear high heels when dressed for fun.

    We found, just like Barbie in the movie, she’s made a transition from high heels (equinus foot posture) to flat shoes (flat foot posture), especially when employed.

    We suggest this mirrors broader societal changes. This includes how women choose footwear according to how much they have to move in the day, and away from only wearing high heels in some workplaces.

    Barbie ditched her high-heel wearing foot posture as she climbed the career ladder. In the 1960s, all Barbies tip-toed around, but by the 2020s, only 40% did.

    Meanwhile, her resume expanded, going from not being represented as having a job to 33% representing real-world jobs.

    Barbie’s been an astronaut since before the Moon landing.
    8th.creator/Shutterstock

    She was an astronaut in 1965, before the Moon landing, and a surgeon when the vast majority of doctors in the United States were men.

    US laws changed in the late 80s, supporting women to own businesses without a man’s permission. And Barbie mirrored this.

    She started trading stilettos for flats and strutting into male-dominated fields. Barbie didn’t just break the mould, she kicked it off with low-heeled shoes.

    Barbie also evolved to better reflect the population. We found a moderate link between her having flat feet and representing diversity or disability.

    For example, she chooses a stable flat shoe when using a prosthetic limb. But it was also great to see her break footwear stereotypes by wearing high heels when using a wheelchair.

    Are high heels so bad?

    Some celebrities, the media and public health advice warn against wearing high heels. But we know women (and Barbie) choose to wear them from time to time. In fact it’s discussions about women’s shoe choices that also gave us the idea for this fun research.

    For instance, health professionals often link high-heeled shoes with developing bunions, knee osteoarthritis, back pain or being injured.

    However bunions, and knee and back pain are just as common in people who don’t wear high heels.

    Studies exploring the risk of high heels are also often performed with people who don’t usually wear high heels, or during competitive sports.

    We couldn’t find any investigations exploring the long-term effect of wearing high heels.

    Research does show that high-heeled shoes make you walk slower and make it harder to balance.

    But high heels have different features, such as heel height or shape. So different types of high heels probably present a different risk. That risk also probably differs from person to person, including how often they walk in heels.

    Lessons for all shoe lovers

    But back to Barbie and lessons we learned. We know Barbie is a social construct that reflects some aspects of the real world. She chooses heels when fashion is the goal and flat shoes when needing speed and stability.

    Rather than demonise high heels, messages about footwear need to evolve to acknowledge choice, and trust women can balance their own priorities and needs.

    As Barbie’s journey shows, women already make thoughtful shoe choices based on comfort, function and identity.

    Cylie Williams receives funding from the Medical Research Future Foundation. In the past five years, she has previously received research funding from the National Health and Medical Research Council, Department of Health and Aged Care (Australia), Bobux International Limited, Department of Health (Victoria) and Sports and Exercise Podiatry Australia.

    Helen Banwell is a practitioner member of the Podiatry Board of Australia.

    – ref. Whatever happened to Barbie’s feet? Podiatrists studied 2,750 dolls to find out – https://theconversation.com/whatever-happened-to-barbies-feet-podiatrists-studied-2-750-dolls-to-find-out-256211

    MIL OSI Analysis – EveningReport.nz –